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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.
- ◦Development
- ◦Financing
