Charney Companies, Tavros and Canyon Partners Real Estate have secured a fixed-rate loan totaling $125.536 million for Union Channel, a newly delivered rental property within the Gowanus Wharf development in the Gowanus neighborhood of Brooklyn. The financing supports a 224-unit residential building that represents the first of four planned rental assets at the larger waterfront project.
JLL arranged the seven-year, fixed-rate financing through Freddie Mac on behalf of the joint venture partnership. The loan proceeds are tied to Union Channel, which opened in early 2025 and serves as the initial phase of the Gowanus Wharf master plan.
Union Channel is described by the sponsorship team as the cornerstone of their vision for Gowanus Wharf. Justin Pelsinger, partner and COO of Charney Companies, said the property reflects the partners’ confidence in the long-term trajectory of the surrounding neighborhood. He framed the financing as consistent with a conviction that Gowanus will continue to evolve as a residential community.
Partner Colin Rankowitz of Tavros noted that closing the loan allows the joint venture to continue executing its business plan for the project. He emphasized that the capitalization will help the team focus on delivering a high-quality residential experience within what he described as one of Brooklyn’s more dynamic communities.
The JLL Capital Markets Debt Advisory team on the assignment was led by senior managing directors Christopher Peck and Peter Rotchford, senior director Nicco Lupo and managing director Michael Shmuely. Their mandate included sourcing and structuring the Freddie Mac debt on behalf of the sponsorship group.
Union Channel will ultimately be joined at Gowanus Wharf by three additional residential buildings: Douglass Port, Nevins Landing and 175 Third Street. Together, the four-building program is intended to build out the Gowanus Wharf concept, with Union Channel serving as the initial income-producing asset under the current capital structure.
The transaction underscores ongoing agency lending activity for stabilized multifamily product in Brooklyn’s Gowanus submarket, with sponsorship from an institutional partnership and advisory support from a national capital markets intermediary.
