Naftali Group Lands $374M Refinance for Williamsburg Wharf

• Naftali Group and Access Real Estate secured a $374.35 million refinancing for Phase I of Williamsburg Wharf in Brooklyn.
• The luxury waterfront rental portion of the project is already more than 90% leased, less than a year after opening.
• Barings provided the refinancing as construction on Phase II continues along the Williamsburg waterfront.

What the Refinancing Covers at Williamsburg Wharf

Naftali Group and Access Real Estate have closed on a $374.35 million refinancing deal tied to Phase I of Williamsburg Wharf, the large-scale mixed-use waterfront development in Brooklyn’s Williamsburg neighborhood. The financing, provided by Barings, refinances the first phase of the 3.75-acre East River project, which includes the luxury rental buildings Two, Three, and Four Williamsburg Wharf. The development has seen strong leasing momentum since opening last summer, with more than 90 percent of the roughly 500 rental apartments already leased. At the same time, One Williamsburg Wharf  the project’s condominium component, has also welcomed residents, with only a limited number of units still available.

What Is Driving Demand Along the Williamsburg Waterfront

The refinancing highlights continued investor confidence in high-end residential product along the Brooklyn waterfront, particularly in Williamsburg, where demand for luxury rentals and condos remains strong despite broader market uncertainty. Miki Naftali said the rapid leasing activity reflects how renters and buyers have responded to the project’s waterfront lifestyle and amenity offerings. The development stretches roughly 525 feet along the East River and includes multiple residential towers designed by a team that includes Brandon Haw Architecture, Hill West, Ward + Gray, Studio Munge, and Scape Landscape Architecture. Residents have access to more than 20,000 square feet of indoor and outdoor amenities, including a rooftop pool deck overlooking Manhattan that converts into an ice-skating rink during the winter months, fitness and wellness spaces, landscaped terraces, and public waterfront areas.

What This Means for Brooklyn Multifamily Investment

The transaction is another sign that lenders continue backing stabilized luxury multifamily assets in prime New York neighborhoods, especially projects with strong lease-up performance and long-term neighborhood growth potential. Jonah Sonnenborn said the refinancing validates both the strength of the Williamsburg market and continued demand for residential communities offering live-work-play environments. The deal was arranged by Walker & Dunlop Institutional Advisory, led by a financing team that included Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Ari Hirt, and Stanley Cayre. Williamsburg Wharf also continues expanding its retail footprint. The Goods Mart recently opened at the property, while Breads Bakery and a restaurant concept from chef Eyal Shani and Good People Group are expected later this year.

What Comes Next for Williamsburg Wharf

While Phase I nears full stabilization, construction on Phase II is already moving forward. Located at 470 Kent Avenue near the Brooklyn Navy Yard, the project sits close to the South Williamsburg Ferry Terminal and several subway lines connecting residents to Manhattan. For developers and investors, Williamsburg Wharf reflects a broader trend reshaping Brooklyn’s waterfront, large-scale mixed-use communities designed around residential density, public outdoor space, retail activation, and transit connectivity. As leasing continues and additional phases come online, the project is expected to remain one of the more closely watched residential developments on the New York waterfront.