NEW YORK CITY — Locally based developer Naftali Group, along with Access Real Estate, the real estate investment arm of Access Industries, has secured $374 million in refinancing for Phase I of Williamsburg Wharf, an 850-unit multifamily project under development in Brooklyn.
Upon completion, Williamsburg Wharf will comprise five 22-story luxury towers consisting of 850 residences, with a mix of condos and rental homes. The property will span approximately 1 million square feet.
Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Ari Hirt and Stanley Cayre of Walker & Dunlop arranged the financing through Barings to refinance Two, Three and Four Williamsburg Wharf.
Since opening last summer, more than 90 percent of the roughly 500 apartments are leased. One Williamsburg Wharf, the project’s condominium component, has also welcomed residents.
“Williamsburg Wharf offers truly unprecedented waterfront living in New York City, and we’re thrilled to see our vision come to life and how quickly renters and buyers have embraced it,” says Miki Naftali, CEO and chairman of Naftali Group. “We remain incredibly optimistic about the long-term future of this development and our role in the continued evolution of the Williamsburg waterfront.”
Each building offers private entrances and more than 20,000 square feet of indoor and outdoor amenities, including a rooftop swimming pool deck with skyline views that transforms into a private outdoor ice-skating rink in the winter; an indoor-outdoor fitness center; yoga studio; landscaped terraces; private dog run; open lawn; a public waterfront park; and connections to the Williamsburg waterfront pedestrian and cyclist route.
In addition to the residential components, The Goods Mart, a health-conscious convenience store chain, has opened at the property. Other tenants like Breads Bakery and Naked Tomato, a restaurant concept from chef Eyal Shani and Good People Group, are slated to open later this year.
With the first phase of Williamsburg Wharf nearly complete, construction on Phase II of the master-planned development is already underway. Naftali Group and Access Industries first publicly announced the project in May 2024.
The project team includes Brandon Haw Architecture, Ward + Gray, Studio Munge, Hill West and Scape Landscape Architecture.
— Abby Cox