Updated Oct 29, 2024
Naftali Group & Access Industries Secure $385M Construction Loan For Williamsburg Multifamily
470 Kent Avenue & 470 Kent Avenue
$385,000,000
$385/SF
Building Size
500,000 SF
Asset Type
Industrial
Closing
Nov 18, 2022
About this deal
AI
The Naftali Group and Access Industries have secured a construction loan of $385,000,000.00 from Bank OZK and Barings for a multifamily property located at 470 Kent Avenue in Williamsburg. The property spans approximately 500,000 square feet.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: $385,000,000.00
- Lender: Bank OZK & Barings
- Landlord: Naftali Group & Access Industries
The deal was facilitated by the brokers Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, and Mo Beler of Walker & Dunlop. They represented the Naftali Group and Access Industries in the transaction.
Players
New York Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93