The developers of a major mixed-use project in Brooklyn, Gowanus Wharf, have secured a $125.5 million loan. This will serve as a refinancing for the first of the four buildings in the development, owned by a joint venture between Charney Companies, Tavros and Canyon Partners Real Estate.
JLL secured the loan through Freddie Mac, providing a seven-year term via a fixed rate. JLL's Christopher Peck, Nicco Lupo, Peter Rotchford and Michael Shmuely represented the borrowers.
The first building, called Union Channel, features 224 residences, with 25 percent getting set aside for affordable housing. It also has amenities, including a sundeck, rooftop pool, sky lounge, coworking lounge, fitness center, yoga studio, 98 parking spots and 22,226 square feet of retail space.
All told, Gowanus Wharf will consist of 2,000 residences, a canal boardwalk, 160,000 square feet of outdoor amenities and a public park. The JV partners also announced delivery plans for two of the other three buildings that will also make up Gowanus Wharf: Douglass Port is scheduled to debut later in the spring, while Nevins Landing will follow with an opening planned for the fall of this year. The other site in the development is called 175 Third Street.
Overall, the developers believe that Gowanus is slated for "sustained residential and retail growth" thanks to the public and private investment flowing in and the rezoning taking place in the neighborhood, according to a statement.
"Union Channel represents a best-in-class asset within one of Brooklyn's most compelling long-term growth corridors," Peck said.
"Freddie Mac recognized the strength of the sponsorship, the quality of the construction and the property's strategic positioning within the broader Gowanus Wharf master plan. We continue to see strong appetite from agency lenders for well-located, institutional-quality multifamily assets in New York City."
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