Miki Naftali and Len Blavatnik have more money to play with at a massive residential project in Williamsburg.
The Naftali Group landed $238 million in financing from Bank OZK for the project at Brooklyn’s 470 Kent Avenue, according to property records. The financing is split between a $178.6 million building loan and a $59.4 million project loan.
The latest financing comes a year and a half after Bank OZK led a round of construction financing for the same project, which Naftali is developing alongside Blavatnik’s Access Industries. In fall 2022, the Arkansas-based bank provided a $310 million senior loan to the developers, while Mass Mutual’s investment arm, Barings, provided $75 million in mezzanine financing.
The waterfront project features three buildings and 561 units. Two of the buildings are set to be rentals, while the third will have condominiums.
Naftali agreed to buy the site, a former lumber yard owned by Abraham Rosenberg, for roughly $180 million in early 2019. The developer closed on a portion of the site in May 2020 for about $100 million.