Naftali Group borrows $75.9M from HSBC Bank for acquisition and development in Williamsburg

Naftali Group through the entity 470 Kent Ave Associates LLC as borrower signed a loan agreement with lender HSBC Bank valued at $75.9 million for 2 parcels, including the tax class light manufacturing building (F5) at 470 Kent Avenue and 1 Division Avenue in Williamsburg. The deal closed on May 27, 2020 and was recorded on July 9, 2020. Once fully assembled, the site is reported to have about 800,000 square feet of development rights.

This is an acquisition loan along with a small building and project loan. The financing includes a $54.5 million gap loan, a $7.4 million building loan and a $14 million project loan. The last time the property sold was May 27, 2020, for $102 million. Miki Naftali was the signatory for the borrower.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $112,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link