Naftali, Access Swap $321M Construction Debt for $270.8M JPMorgan Loan
ACRIS shows the new single-lender loan is $50.2M smaller than the Bank OZK and mezzanine package it appears to retire, a sign the project has moved from construction financing to a permanent loan rather than pulling cash out.
470 Kent Avenue Associates II LLC, the entity Naftali Group and Len Blavatnik’s Access Industries used to build out their Williamsburg waterfront site, recorded a $270.8M mortgage with JPMorgan Chase Bank, N.A. on Oct. 20, 2026. Public records show the new loan is tens of millions of dollars smaller than the construction debt it appears to replace, pointing to a project moving into permanent financing rather than a sponsor pulling cash out.
Why it matters
Naftali and Access closed a $385M construction package for the three-tower Williamsburg project in late 2022, anchored by a Bank OZK senior loan and Barings mezzanine debt, according to Multi-Housing News and other trade coverage at the time. ACRIS shows that package was refinanced on June 20, 2024, when a 16-document batch recorded against the same lot, block 2134, lot 150 in Brooklyn, put two Bank OZK building and project loan tranches and a third loan agreement on the property, all backed by matching assignments of leases and rents, for a combined $321M debt stack sitting on the site heading into this month.
The mortgage recorded today replaces that stack with a single $270.8M loan from JPMorgan Chase. A developer taking out a smaller loan than what it owed typically means it is retiring expensive construction and mezzanine debt with cash, equity, or unit sales as the building reaches completion, converting to cheaper permanent financing rather than refinancing to extract proceeds.
The numbers
The math: a $321M 2024 construction and mezzanine debt stack, replaced by a $270.8M permanent loan, a reduction of roughly $50.2M. Measured against the original $385M 2022 construction package, the new loan is smaller still. Both deltas point the same direction, toward delevering as the Williamsburg waterfront project nears completion rather than the sponsors tapping built-up value.
What’s next
Watch ACRIS for a satisfaction of mortgage against the 2024 Bank OZK and mezzanine documents, which would formally confirm the old debt was paid off rather than subordinated, and for any certificate of occupancy filing on the site’s three towers. For more on financing moving through the borough, see our New York market coverage.
On the record
Primary record
- Our dataACRIS document 2026100900227001 (CRFN 2026000297913) records a $270,777,415 mortgage dated and recorded Oct. 20, 2026 from 470 Kent Avenue Associates II LLC to JPMorgan Chase Bank, N.A. against block 2134, lot 150 in Brooklyn.View the record on a836-acris.nyc.gov
- Our dataA batch of 16 ACRIS documents recorded June 20, 2024 against the same lot (CRFN 2024000156694 through 2024000156709) shows two building/project loan agreements and matching assignments of leases and rents totaling $238,000,000 ($178,596,440.77 and $59,403,559.23) plus a third loan agreement and assignment of $83,000,000, a combined $321,000,000 debt stack. The new $270,777,415 JPMorgan loan is $50,222,585 smaller than that 2024 stack, a paydown rather than a cash-out.View the record on a836-acris.nyc.gov
Also reported by
- Multi-Housing News, Naftali Group, Access Industries Close $385M Construction Loan2022: Naftali Group and Access Industries close $385M construction financing for the three-tower Williamsburg waterfront project, led by a $310M Bank OZK senior loan and $75M in Barings mezzanine debt