Charney Companies and Tavros Capital have secured a total of $174.5 million that will help support the pre-development of their mixed-use multifamily project in Gowanus, Brooklyn.
JLL arranged the financing for the two developers while working with several lenders and asset managers. For example, one $110 million loan was provided by Silver Point Capital and another $35 million in mezzanine financing came from venture partners Brodsky Organization and Tikehau Capital. The other $29.5 million was provided by Atlas Capital Group.
With pre-development work underway, the two high-rise towers project calls for roughly one million square feet of space, with 1,000 residential units, ranging from studios to three-bedroom apartments. The site at 175 Third St will include ground-floor retail space and other amenities. Construction is scheduled to begin in the middle of 2026. Once finished, JLL said 175 Third will be the largest building in all of Gowanus.
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The property, along the Gowanus Canal, will be within a few blocks of multiple subway lines.
Brooklyn in the first quarter dominated New York City's multifamily investment activity. The $1.06 billion recorded in the borough was nearly half the amount recorded in the entire metro and was up 138 percent year-over-year. Also, Brooklyn saw 9.4 percent rent growth. This trend could bode well for Tavros' and Charney's project.
“Brooklyn’s booming Gowanus neighborhood will soon be home to a world-class residential development at 175 Third St.,' said Christopher Peck, one of JLL's brokers who represented the two JV partners.
"With top-of-the-line amenities and a prime location, the asset will be one of the premier properties in all of New York City."
Additionally, JLL's Peter Rotchford, Nicco Lupo, Jonathan Faxon and Lauren Kaufman helped represent both Tavros and Charney.
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