Gowanus Wharf Developers Secure $785M Financing for Campus’ Fifth Building
Charney Companies, Tavros and Incoco Capital closed on the construction capitalization for 175 Third St., the fifth building in the Gowanus Wharf campus. Apollo and Affinius Capital LLC are providing $600 million in debt. RXR is providing $185 million in equity.
When completed, 175 Third St. will be the largest building in Gowanus, with approximately 1.1 million square feet and nearly 1,100 apartments across 27 stories. Twenty-five percent of the development’s units will be permanently affordable.
“Securing this financing with Apollo, Affinius and RXR validates both the strength of 175 Third Street and our long-term commitment to this waterfront community,” said Justin Pelsinger, partner and COO at Charney. “We are excited to begin construction on this transformative building alongside the canal, and we expect it, and our other properties at Gowanus Wharf, to enhance the dynamic of living and lifestyle in the neighborhood.”
JLL senior managing directors Christopher Peck and Peter Rotchford and senior director Nicco Lupo arranged the financing.
Other News
JLL Arranges Financing for Lightstone Acquisition on Upper West Side
JLL Capital Markets arranged acquisition financing for Lightstone’s purchase of 323 W. 96th St., a 174-unit multifamily property on Manhattan’s Upper West Side. Senior managing director Peter Rotchford and managing director Michael Shmuely worked on behalf of Lightstone to secure the financing from MF1, a wholly owned subsidiary of Berkshire Residential Investments. Lightstone is acquiring...
Learn more
National City Investment Group Commences Workforce Housing Build
The National City Investment Group, a locally owned, privately held real estate investment company, recently broke ground on Market View, a 120-unit multifamily residential community located at 303 Highland Ave. in National City. The development will transform an underutilized parking lot adjacent to Manolo Farmers Market, which has served National City for more than 33...
Learn more
Levin Johnston Closes Apartment Sale in One of San Jose’s Strongest Submarkets
Levin Johnston of Marcus & Millichap recently completed the sale of First Street Manor, a 39-unit apartment community in San Jose. Executive managing directors Adam Levin and Robert Johnston, along with senior director, investments Cole Simpson, represented the seller and procured the buyer in the $9.112-million transaction. The Levin Johnston team demonstrated the asset’s upside...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout