**Mixed-Use Development Along Gowanus Canal Secures $123M in Financing**
JLL Capital Markets has successfully arranged $123 million in construction financing for 450 Union Street, a new 158-unit mixed-use development planned for the Gowanus Canal area in Brooklyn.
The development is being led by a joint venture between MacArthur Holdings and Brooklyn-based developer Tankhouse. A JLL team—including Senior Managing Directors Christopher Peck and Peter Rotchford, Senior Director Nicco Lupo, Managing Director Winfield Clifford, and Vice President Jonathan Faxon—represented the borrowers in securing the financing.
The financing package includes a $90 million construction loan jointly provided by Bank Hapoalim and IDB Bank. Global Holdings Management Group, led by Eyal Ofer, contributed a $33 million equity investment.
Once completed, the 20-story project will be branded as Anagram Gowanus and will feature 158 residential units, including 118 market-rate apartments and 40 affordable units. Additional features will include 13,000 square feet of below-grade parking and 22,000 square feet of ground-floor retail and commercial space. The property will be situated adjacent to the planned seven-acre Gowanus waterfront esplanade, offering residents and visitors unique access to a revitalized urban waterfront environment.
