A joint venture of Naftali Group and Access Industries has secured $385M in construction loans for a three-building, 561-unit multifamily project on the Williamsburg waterfront in Brooklyn.
The financial package includes a $310M senior loan from Bank OKZ, based in Arkansas, and a $75M mezzanine loan from Barings. Walker & Dunlop arranged the loans.
The partners are planning to build two rental apartment buildings and condos building at 470 Kent Ave., which is in proximity to the Brooklyn Navy Yard in Williamsburg.
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