Naftali Group Lands $374M Refi for Williamsburg Wharf in Brooklyn

• Naftali Group and Access Real Estate secured a $374 million refinancing for Phase I of Williamsburg Wharf in Brooklyn.
• The waterfront project includes 89 luxury condos and more than 500 rental units across three towers.
• Phase II is already underway with another $525 million financing package backing additional condo development.

What the Refinancing Covers at Williamsburg Wharf

Naftali Group and Access Real Estate closed on a major refinancing deal for the first phase of Williamsburg Wharf, the luxury mixed-use waterfront development along the East River in Brooklyn. The new $374 million loan from Barings replaces earlier debt tied to the project, including financing previously provided by Bank OZK. The refinancing is another major milestone for one of the largest residential developments currently underway in Williamsburg. Phase I includes three 22-story buildings featuring both condos and rentals. Leasing for the rental units has already surpassed 90 percent, showing continued demand for luxury waterfront housing in Brooklyn.

What the Development Includes for Residents

Williamsburg Wharf sits on a 3.75-acre site at 470 Kent Ave. and is designed as a large-scale waterfront community with residential, retail, and outdoor public space. The first phase includes luxury condos, rental apartments, retail space, and a large amenity package. Residents have access to a rooftop pool deck that converts into an ice rink during winter, along with fitness areas, yoga studios, waterfront gathering spaces, and a private dog run. Retail is also becoming a major part of the project. The Goods Mart recently opened at the property, while Breads Bakery and a restaurant concept from Chef Eyal Shani are expected to open later this year.

What Phase II Means for Williamsburg’s Waterfront

Construction is already moving forward on Phase II, which will add another 362 condo units across two high-rise buildings at 80 Wharf Way. Naftali Group and Access secured $525 million in financing for that phase late last year from JPMorgan and GoldenTree Asset Management. Once both phases are complete, Williamsburg Wharf will total roughly 1.2 million square feet of residential and retail space. The location near the Brooklyn Navy Yard, ferry access, and multiple subway lines continues attracting renters and buyers looking for luxury housing with strong Manhattan connectivity.

What This Says About Brooklyn Luxury Demand

The refinancing highlights how lenders are still backing large luxury projects in prime New York neighborhoods when leasing performance remains strong. Even with higher interest rates and slower condo sales in parts of the city, Williamsburg’s waterfront market continues outperforming many other areas. Developers are still betting heavily on demand for newer buildings with amenities, outdoor space, and waterfront access. Projects like Williamsburg Wharf also continue to reshape Brooklyn’s East River shoreline, where former industrial properties are increasingly turning into large mixed-use residential communities.

What the Project Could Mean for Brooklyn Real Estate

Williamsburg Wharf is becoming one of the bigger long-term development plays on the Brooklyn waterfront. Beyond adding new housing inventory, the project is helping expand Williamsburg’s luxury residential footprint deeper along the East River. As more retail opens and additional residential phases are completed, the development could continue driving property values and investor interest across the surrounding neighborhood.