Canyon Partners Real Estate LLC, Tavros, and Charney Companies have formed a joint venture for the development of a 260-unit multifamily project at 251 Douglass Street in Gowanus, Brooklyn.
The project will be a 15-story Class-A multifamily development with ground-floor retail, parking, and various amenities. The development is being funded with $64.4 million of equity and a $119.9 million senior construction loan provided by Barings.
“As Gowanus becomes a central community for families and young professionals, there is a growing need for modern, affordable housing in the area,” said Nicholas Silvers, founding partner at Tavros. “With the neighborhood positioned for long-term growth, we look forward to providing apartment housing that will benefit both residents and the community.”
The debt was arranged by Newmark, led by Jordan Roeschlaub and Dustin Stolly, and Chris Kramer.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.