Charney Companies and Tavros Capital Secure $125M Freddie Mac Loan to Refinance Union Channel

Why It Matters

The loan demonstrates strong lender confidence in Gowanus’ post‑rezoning growth, accelerating high‑density residential supply in Brooklyn. It positions the developers to shape the neighborhood’s long‑term economic and demographic trajectory.

Key Takeaways

• $125M Freddie Mac loan refinances Union Channel building.
• Union Channel comprises 224 units, first Gowanus Wharf project.
• Developers plan 2,000 units across four Gowanus buildings.
• 175 Third Street will be neighborhood’s largest 1,000‑unit tower.
• Bjarke Ingels designed 175 Third; Life Time gym adds 85k sqft.

Pulse Analysis

The 2022 rezoning of Brooklyn’s Gowanus neighborhood unlocked a wave of high‑rise development, and Charney Companies and Tavros Capital are at the forefront. By locking in a $125 million, seven‑year fixed‑rate loan from Freddie Mac, the partners signal that institutional capital is increasingly comfortable financing dense, mixed‑use projects in emerging urban submarkets. The financing, arranged by JLL, complements a prior $145 million acquisition and pre‑construction package, illustrating a layered capital strategy that blends senior debt with equity to de‑risk large‑scale builds.

Institutional lenders like Freddie Mac are attracted to the stable cash flows of multifamily assets, especially those anchored by strong pre‑leases and premium amenities. The Union Channel building, with 224 units and a strategic location on Third Avenue, offers a compelling risk‑adjusted return profile, making it a textbook candidate for fixed‑rate financing. This trend reflects broader market dynamics where lenders are competing for a share of the Brooklyn multifamily pipeline, driving down borrowing costs and enabling developers to accelerate construction timelines without over‑leveraging.

For the Gowanus community, the infusion of capital translates into a rapid increase in housing inventory and upscale amenities, such as the 85,000‑square‑foot Life Time gym slated for the flagship 175 Third Street tower. The project’s scale—1,000 units designed by Bjarke Ingels—will reshape the neighborhood’s skyline and attract higher‑income residents, potentially boosting local retail and services. As the remaining phases—Douglass Port, Nevins Landing, and the final tower—come online, Gowanus is poised to evolve from an industrial enclave into a vibrant, high‑density residential hub, reinforcing Brooklyn’s role as a key growth engine for New York City’s real estate market.

Deal Summary

Charney Companies and Tavros Capital have secured a $125 million seven‑year fixed‑rate loan from Freddie Mac to refinance the Union Channel building at 240 Third Avenue, the first development in their Gowanus Wharf campus. The loan, arranged by JLL, will support the 224‑unit property and underscores the developers’ confidence in the Gowanus neighborhood’s long‑term trajectory.