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Gowanus Refi Scores a First with Freddie Mac’s New Lease Up Program
JLL Capital Markets arranged a $136-million financing for 655 Union, a newly delivered 193-unit trophy multifamily property located in the Gowanus neighborhood of Brooklyn. Senior managing directors Christopher Peck and Peter Rotchford, managing director Michael Shmuely and senior director Nicco Lupo worked on behalf of the borrowers, Avery Hall Investments and Gindi Capital, to secure the financing through Freddie Mac and CenterSquare Investment Management.
The Freddie Mac loan will refinance an existing construction loan. Reportedly it’s the first transaction in New York to utilize Freddie Mac’s Lease Up program, in which sponsors who achieve NOI improvements
between the first and second year of their loan can return to secure additional proceeds at first mortgage pricing.
Delivered in 2025, 655 Union is a fully leased 15-story, 194,454-square-foot mixed-use property with
143 market-rate units and 50 affordable units and approximately 14,764 square feet of ground-floor retail
space.
- ◦Financing
