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Arctaris Impact Investors Puts $27M Equity into Gowanus MXU
Arctaris Impact Investors, LLC, a Boston-based impact investment firm, made a $27-million equity investment in 310 and 340 Nevins St., a $475-million mixed-use/mixed-income project in Brooklyn’s Gowanus neighborhood. The transaction marks Arctaris Impact’s first investment in Brooklyn and will support New York City’s efforts to transform a formerly contaminated industrial area.
The 668-unit property is being developed by Tavros Holdings and Charney Companies, who are utilizing New York’s 421a Program to provide 168 permanently affordable units. In addition to resident amenities and waterfront access, the development will offer 45,000 square feet of retail space.
“New York City is experiencing some of the tightest multifamily vacancy rates in the country, which disproportionately attacks the supply of affordable housing at lower-income levels,” said Jonathan Tower, founder and managing partner of Arctaris. “Arctaris is proud of its role in blending together the federal Opportunity Zone program alongside NY State housing incentives to help solve the acute housing shortage in an otherwise challenging market.”
The project is capitalized with $175 million of total equity, including Arctaris Impact’s $27-million investment. Tavros and Charney also closed on two construction loans totaling $300 million from Affinius Capital and Kennedy Wilson ($160 million) and TYKO Capital ($140 million).
- ◦Development
- ◦Financing
