Developer Access Industries and Naftali Group have secured a $525-million construction loan for the second phase of Williamsburg Wharf.

The project, to be located at 80 Wharf Way, calls for the construction of two towers featuring 363 for-sale homes. The initial phase of the project included 89 for-sale units, 500 rental units, and 15,000 square feet of commercial space. The full project will eventually consist of five towers, ranging from 22 to 36 stories in height, with more than 1.2 million square feet of space.

Phase one of Williamsburg WharfNaftali Group

Construction of phase two is expected to be completed in 2028.

“With Phase I of Williamsburg Wharf now complete, we’re pleased to have the confidence of our lenders as we embark on this next phase of our incredible vision for the Williamsburg waterfront’s last remaining developable parcel,” said Naftali Group chairman and chief executive officer Miki Naftali in a news release. “One Williamsburg Wharf, our first condominium offering at Williamsburg Wharf, has been very well-received by buyers and brokers, and we’re excited to once again meet the rapidly growing demand for high-quality product on the waterfront, with 80 Wharf Way."

Phase one of Williamsburg WharfNaftali Group

The phase two buildings will rise 415 and 460 feet in height, and also include 17,000 square feet of amenities facing the East River. The site is also located near the East River Ferry at Schaefer Landing and the Marcy Avenue J/M/Z subway station.

Walker & Dunlop Capital Markets Institutional Advisory arranged the financing for the project, with a team that includes Keith Kurland, Aaron Appel, Dustin Stolly, Jonathan Schwartz, Adam Schwartz, Sean Reimer, Ari Hirt, and Stanley Cayre. J.P. Morgan Chase & Co and GoldenTree Asset Management LP provided financing.