Second Mortgage Puts Full Size of Naftali's Kent Ave Refi at $334M

A second mortgage on Naftali Group and Access Industries’ Williamsburg waterfront site shows the JPMorgan Chase financing we reported last week was recorded in two pieces, not one. ACRIS document 2026100900227002 records a $63,222,586 mortgage dated and filed Oct. 20, 2026, from 470 Kent Ave Associates II LLC to JPMorgan Chase Bank, N.A., against the same Brooklyn block 2134, lot 150 at 470 Kent Avenue covered in our earlier report on the project’s $270.8 million mortgage.

Why it matters

Construction and permanent lenders routinely split a single facility across more than one recorded mortgage, often a building loan instrument and a project loan instrument filed the same day against the same lot. That appears to be what happened here: the $63.2 million mortgage carries the identical date, lot, borrower entity and lender as the $270.8 million mortgage we reported Oct. 20, and the two sum to $334,000,001. Read together, the two filings put the real size of JPMorgan’s position in Naftali and Access’s three-tower Williamsburg Wharf site at roughly $334 million, not the $270.8 million visible in a single-document pull.

The numbers

The math: $270,777,415 plus $63,222,586 equals $334,000,001 across the two same-day instruments. That combined figure still comes in below the $385 million construction package Naftali and Access closed on the site in 2022 and the $321 million debt stack ACRIS showed replacing it in 2024, consistent with the delevering pattern we flagged last week rather than a cash-out.

What’s next

Watch ACRIS for any consolidation, extension and modification agreement or UCC filing that would spell out how the $270.8 million and $63.2 million instruments relate to each other, and for a satisfaction of mortgage against the 2024 Bank OZK and mezzanine debt. For more on capital moving through the borough, see our New York market coverage.