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470 Kent Avenue Update 11/21/22

Developers Land $385M for Williamsburg Multi-Tower Project

Developer Naftali Group, and project partner, Access Industries, have just secured a $385 million loan for a 3-tower mixed-use project, set to rise at 470 Kent Avenue in Williamsburg, Brooklyn. Issued by Bank OZK and Barings, this influx of capital will be used to fund all construction costs from start to finish.

Overlooking the East River Waterfront, the towers will stand 22, 21, and 16-stories tall and are to be constructed in 2-separate phases. Combined, they will contain residential units, with approximately 30% of the first phase units set aside for affordable housing programs.

Plans also call for square feet of commercial space (likely ground-floor retail), landscaped public outdoor space, and a shared, enclosed parking garage, with enough room for vehicles.

Designed by , the towers will total square feet combined, with the tallest of these structures topping out at feet tall.

is serving as the project's general contractor and at this time, foundation work is already underway. The first phase of construction, which encompasses the 22 and 21-story towers, is expected to complete by the Spring of 2025.

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