Naftali Group and Access Real Estate have locked in a $374 million refinancing for Phase I of Williamsburg Wharf, the 3.75-acre waterfront complex rising along South Williamsburg’s Kent Avenue. The first phase features three towers with 518 rental apartments, 89 condominiums and roughly 15,000 square feet of retail. Leases and contracts are moving briskly, with the rentals reportedly more than 90% occupied and condos about 70% sold. The new financing is designed to steady the capital stack while construction continues on the project’s second phase.
Barings Steps Up As Senior Lender
Barings is providing the $374 million senior loan, which will take out earlier Bank OZK financing that included a $310 million senior mortgage in 2022 and roughly $238 million added in 2024. According to The Real Deal, Barings previously sat in the mezzanine position on the project before moving up to the senior role. Bisnow also reported the refinancing this week.
Who Arranged The Deal
Walker & Dunlop’s institutional advisory team arranged the refinancing for the Naftali and Access joint venture. Senior bankers Aaron Appel, Keith Kurland, Jonathan Schwartz and colleagues represented the lending side of the transaction. Multi-Housing News and other industry outlets list the Walker & Dunlop team credited with getting the deal over the finish line.
Phase II Financing And Timeline
Phase II of Williamsburg Wharf already has its own financing package in place. JPMorgan Chase and GoldenTree supplied roughly $525 million in construction debt for the condo-only second phase, which is slated to add about 362–363 units across two additional towers and is expected to wrap up around 2028. Bloomberg reported the Phase II loan late last year.
Retail, Amenities And Leasing Momentum
On the ground, Phase I is already starting to energize the Kent Avenue stretch. The Goods Mart has opened at the site, with leases inked for a Breads Bakery outpost and a restaurant from chef Eyal Shani. GlobeSt notes that the buildings come with a hefty amenities package, including a rooftop pool that converts to an ice rink in winter and more than 20,000 square feet of indoor and outdoor programming. Bisnow reports that leasing and sales momentum at the project remains strong.
Why The Refi Matters
Swapping out Bank OZK for Barings at the senior level is being read as a vote of confidence in Williamsburg Wharf’s lease-up and sales performance amid a more cautious lending backdrop. The Real Deal notes that Barings’ move from mezzanine to senior lender underscores its belief in the project’s near-term prospects.
Closings at One Williamsburg Wharf have begun, and the developer’s materials spell out floorplans, pricing information and the project’s public-space commitments. The developer materials offer additional detail for prospective buyers and neighbors as the waterfront parcel shifts from construction zone to full-fledged mixed-use waterfront enclave.
