JLL secures $123M capitalization for new Gowanus apartment development

Brooklyn, NY JLL Capital Markets has arranged $123 million in construction financing for 450 Union St., a planned 158-unit mixed-use development to be built along the Gowanus Canal.

JLL represented the borrowers, a joint venture of MacArthur Holdings, a fourth-generation New York real estate company and Brooklyn-based developer, Tankhouse. Bank Hapoalim and IDB Bank provided the $90 million construction loan, and 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 offer studio, one-, two- and three-bedroom apartments, each with a minimum of two exposures. Units will offer natural light and a mix of private, semi-private, and fully shared outdoor spaces.

The property will offer an amenity package including a fitness center, children’s playroom, co-working space and multiple outdoor spaces including an indoor-outdoor rooftop lounge offering 360-degree views of New York City. 450 Union St. will also feature 13,000 s/f of below grade parking and 22,000 s/f of ground floor retail and commercial space on the doorstep of the planned seven-acre Gowanus waterfront esplanade. The design of the property will optimize the integration of the canal frontage and associated public park space to create a vibrant ground floor of private amenities and activated retail spaces.

A JLL team led by senior managing directors Christopher Peck and Peter Rotchford, senior director Nicco Lupo, managing director Winfield Clifford and vice president Jonathan Faxon represented the borrowers.

Clifford said, “MacArthur Holdings, Tankhouse and Global Holdings are combining decades of expertise to deliver a forward-thinking design that meets the ever-growing demand for modern, amenity-rich living spaces in New York City.”

“All have a tremendous amount of long-term conviction in the site and broader neighborhood, and we look forward to seeing the successful delivery of another best-in-class project in their portfolio,” said Lupo.