A joint venture between MacArthur Holdings and Tankhouse has landed $123 million in financing for a Brooklyn development along the Gowanus Canal.
The funding breaks down to a $90 million construction loan from IDB Bank and Bank Hapoalim, as well as a $33 million equity investment from Global Holdings Management Group.
Known as at 450 Union St, the site will offer a mix of studios, as well as one, two and three-bedroom apartments. The 20-story building will feature a total of 158 units (40 designated as affordable and 118 at market rates), with some having private and fully shared outdoor spaces. Some amenities will include a fitness center, a children's center, 22,000 square feet of commercial and retail space, below-grade parking, outdoor spaces, a rooftop lounge and coworking space.
Additionally, the development borders Brooklyn neighborhoods including Park Slope, Carroll Gardens and Boerum Hill. Within walking distance, multiple subway lines can be found, as well as retail offerings like bars and restaurants.
JLL represented the JV on the financing.
"MacArthur Holdings, Tankhouse and Global Holdings are combining decades of expertise to deliver a forward-thinking design that meets the ever-growing demand for modern, amenity-rich living spaces in New York City," JLL Managing Director Winfield Clifford said in a statement.
As the multifamily sector has struggled with an influx of supply in recent years — the Northeast has been outperforming. The market has experienced 2.4 percent rent growth over the past four quarters, along with the Midwest, a recent Apartments.com report found.
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