Arctaris Impact Investors, LLC, a socially responsible investment firm based in Boston, has made a significant equity investment of $27 million in the development project at 310 and 340 Nevins St. This mixed-use and mixed-income project is valued at $475 million and located in Brooklyn’s Gowanus neighborhood. This marks Arctaris Impact’s first venture into Brooklyn and will contribute to the city’s efforts to revitalize an industrial area that was previously contaminated.
The property will consist of 668 units developed by Tavros Holdings and Charney Companies. These developers are utilizing New York City’s 421a Program to provide affordable housing options with 168 units designated as permanently affordable. Along with waterfront access for residents, the development will also include retail space spanning over 45,000 square feet.
According to Jonathan Tower, founder and managing partner of Arctaris Impact Investors: “New York City is facing one of the lowest vacancy rates for multifamily properties nationwide which disproportionately affects low-income individuals seeking affordable housing.” He further added that their company takes pride in combining federal Opportunity Zone incentives with state-level housing benefits as part of their contribution towards addressing this pressing issue.
The total equity capitalization for this project amounts to $175 million including Arctaris’ investment of $27 million. Additionally,Tavros Holdingsand Charney Companies have secured two construction loans totaling$300million from Affinius Capitaland Kennedy Wilson ($160million)as well as TYKO Capital($140million).
