Charney Companies, a fully integrated real-estate development, construction, brokerage, and management company, and Tavros, a real-estate investment management and development company, have announced a financial milestone for their joint venture (JV) in Brooklyn, New York City (NYC), US.
Specifically, the partnership has secured $145m in acquisition and predevelopment loans for the construction of 175 Third Street, the upcoming addition to the JV’s Gowanus Wharf campus.
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Upon completion, this project is expected to become the largest building in the Gowanus area, offering approximately one million square feet of space and 1,000 residences.
The funding package comprises a $110m loan from credit investing company Silver Point Capital and a $35m mezzanine loan from developer Brodsky and alternative asset management group Tikehau Capital.
Charney Companies COO Justin Pelsinger said: “This acquisition represents a major step forward in our vision for Gowanus Wharf and we truly value the commitment of our partners, Silver Point Capital and Brodsky/Tikehau Capital.
“We’re thrilled to secure this significant site, our fourth in the portfolio, and embrace the opportunity it presents. Our focus will be on delivering high-quality, much-needed housing for New Yorkers and actively participating in the positive transformation and further development of the vibrant Gowanus neighbourhood.”
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By GlobalDataThe development of 175 Third Street will bring the JV’s total ownership in Gowanus to more than two million square feet and 2,200 residences, making them the largest owners in the area.
This latest project will feature 37,000ft² of publicly accessible waterfront esplanade and open space.
Positioned directly across from Whole Foods, 175 Third Street is considered the southern gateway to Gowanus.
The design and landscape elements of the project will be led by architect James Corner Field Operations, which has carried out urban projects such as the High Line and Domino Park.
Tavros founding partner Nicholas Silvers said: “175 Third represents the culmination of our work in creating Gowanus Wharf as the market-leading new residential innovation in New York City.
“This project will crystallise all of the incredible efforts from the community board, elected and the surrounding special Brooklyn neighbourhoods to rezone and elevate what is possible in NYC when the public and the private sectors work together to achieve great things.”
A JLL team, led by senior managing directors Christopher Peck and Peter Rotchford, senior director Nicco Lupo, managing director Lauren Kaufman, and vice-president Jonathan Faxon, represented the borrowers in securing the loans.
