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Mixed-Use Along Gowanus Canal Secures $123M Financing
JLL Capital Markets arranged $123 million in construction financing for 450 Union St., a planned 158-unit mixed-use development to be built along the Gowanus Canal in Brooklyn. A JLL team led by senior managing directors Christopher Peck and Peter Rotchford, senior director Nicco Lupo, managing director Winfield Clifford and VP Jonathan Faxon represented the borrowers, a joint venture of MacArthur Holdings and Brooklyn-based developer Tankhouse.
Bank Hapoalim and IDB Bank provided the $90-million construction loan. Eyal Ofer’s Global Holdings Management Group made a $33-million equity investment.
Situated directly adjacent to the Gowanus Canal, 450 Union St. will be branded Anagram Gowanus and rise to 20 stories featuring 118 market rate and 40 affordable units. The property will also feature 13,000 square feet of below-grade parking and 22,000 square feet of ground-floor retail and commercial space on the doorstep of the planned seven-acre Gowanus waterfront esplanade.
- ◦Development
- ◦Financing
