Updated Oct 21, 2026
Naftali Group Secures $334 Million Construction Loan From J.P. Morgan Chase For Development Site
1 Division Avenue
$334,000,000
Units
218
Asset Type
Development Site
Closing
Oct 8, 2026
About this deal
AI
The asset involved in this transaction is a development site located at 1 Division Avenue in Williamsburg, Brooklyn. This site encompasses a total square footage of 297,521 BSF and is intended for a 218-unit condominium development.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $334,000,000
- Lender: J.P. Morgan Chase
- Landlord: Miki Naftali - Naftali Group
- Loan Type: Construction
This deal was facilitated by the Naftali Group, represented by Miki Naftali, who secured the construction loan from J.P. Morgan Chase for the planned condominium project.
On the Map
$334,000,000
Development Site
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Players
Avenue Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93