Union Channel: $125.5M Financing for Gowanus' New Rental Building Unveiled

Major Financing for Union Channel in Gowanus

In an impressive feat for the burgeoning neighborhood of Gowanus, Brooklyn, Charney Companies, Tavros, and Canyon Partners Real Estate have successfully obtained $125.536 million in fixed-rate financing. This strategic investment is designated for Union Channel, a newly built nine-story rental building that boasts a myriad of amenities aimed at enhancing the lifestyle of its residents.

The financing was facilitated by JLL Capital Markets, which secured the loan through Freddie Mac. It encompasses a seven-year fixed-rate plan and is managed by JLL Real Estate Capital, LLC, recognized as a Freddie Mac Optigo Lender. Union Channel, featuring 224 rental apartments—25% of which are earmarked for affordable housing—has quickly gained traction since its inception last year, illustrating its appeal within the local rental market.

Architectural Excellence

Designed by the illustrious Fogarty Finger Architecture, Union Channel stands as a testament to contemporary architectural prowess. The building is not only characterized by spacious, well-designed apartments but also an extensive range of amenities. Residents can take advantage of a rooftop swimming pool, a sun-deck, a state-of-the-art fitness center, a yoga studio, a coworking lounge, a sky lounge, and a 24/7 attended lobby. Additionally, the property includes 22,226 square feet of retail space and 98 parking spaces—elements that enhance its overall functionality.

Justin Pelsinger, Partner and COO of Charney Companies, remarked, "Union Channel is the cornerstone of our vision for Gowanus Wharf and reflects our conviction in the long-term trajectory of this neighborhood." Colin Rankowitz, Partner at Tavros added, "Securing the loan enables us to continue executing our business plan while delivering a high-quality residential experience in one of Brooklyn's most dynamic communities."

A Vision for Gowanus Wharf

Union Channel marks the first of four significant buildings planned for Gowanus Wharf, with future projects including Douglass Port—scheduled to open in late spring 2026, Nevins Landing debuting in the fall of 2026, and the groundwork for 175 Third Street, the largest property on the Gowanus Wharf campus designed by the eminent architect Bjarke Ingels. Gowanus Wharf aims to ultimately provide around 2,000 residential units and come equipped with a public park, a canal boardwalk, and approximately 160,000 square feet of both indoor and outdoor amenities, including a basketball court and a health and wellness spa.

This ambitious redevelopment initiative underscores the transformative changes Gowanus has experienced since its rezoning, drawing an influx of public and private investments. The neighborhood is now seen as an attractive destination for both residential and retail growth, further enhanced by Union Channel's proximity to the Union Street subway station.

Strategic Implications of the Investment

The strategic positioning of Union Channel was highlighted by Christopher Peck, Senior Managing Director at JLL Capital Markets, who stated, "Union Channel represents a best-in-class asset within one of Brooklyn's most compelling long-term growth corridors. Freddie Mac recognized the strength of the sponsorship and the quality of construction associated with this property."

This investment is a clear indication of the growing interest from lenders in high-quality multifamily assets located within New York City. As these projects come to fruition, they promise to reshape the Gowanus landscape into a vibrant community that balances modernity with extensive recreational facilities, catering to the needs of current and future residents becoming part of this evolving neighborhood.

About Charney Companies, Tavros, and Canyon Partners

Charney Companies, established in 2013, focuses on integrated real estate development and management in the New York City area, involving creative vision complemented by a tech-driven approach. Tavros, a privately-owned investment management and development firm, emphasizes quality partnerships with its tenants and investors. Canyon Partners Real Estate LLC, offering substantial investment capital since 1991, underscores its dedication to multifamily and commercial projects that contribute substantially to community development.

The successful financing of Union Channel sets the stage for Gowanus Wharf's ambitious and comprehensive development, indicating its potential as a vital part of Brooklyn's urban fabric.