Naftali Group Secures $238M Construction Loan For Brooklyn Development Site

The development site located at 470, 480, and 490 Kent Avenue in Williamsburg, Brooklyn, secured a $238 million construction loan from Bank OZK. The loan was obtained by Naftali Group for three projects encompassing 551 units.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $238,000,000
• Address: 470, 480 & 490 Kent Avenue
• Market: Williamsburg, Brooklyn
• Lender: John Faseler - Bank OZK
• Landlord: Michael Naftali - Naftali Group

Naftali Group, represented by 470 Kent Ave Associates LLC, was the entity that secured the construction loan from Bank OZK. Michael Naftali, from Naftali Group, played a crucial role in finalizing the deal. John Faseler, representing Bank OZK, facilitated the loan agreement for the development projects.