JLL Capital Markets has arranged a $136 million refinancing for 655 Union, a newly delivered multifamily asset in the Gowanus neighborhood of Brooklyn. The 193-unit property was financed on behalf of borrowers Avery Hall Investments and Gindi Capital, with proceeds secured through Freddie Mac and CenterSquare Investment Management.
The JLL Capital Markets team included senior managing directors Christopher Peck and Peter Rotchford, managing director Michael Shmuely and senior director Nicco Lupo. The group represented the sponsorship in sourcing the new debt package, which replaces an existing construction loan on the property.
The Freddie Mac loan reportedly marks the first transaction in New York to utilize the agency’s Lease Up program. Under this program, sponsors that demonstrate net operating income improvements between the first and second year of the loan are able to return to Freddie Mac to seek additional proceeds at first mortgage pricing, providing flexibility during the lease-up and stabilization period.
Delivered in 2025, 655 Union is described as a trophy multifamily property and is now fully leased. The 15-story mixed-use building totals 194,454 square feet and combines residential and retail components. The residential portion comprises 193 units, including 143 market-rate apartments and 50 affordable units.
In addition to its residential offering, the property includes approximately 14,764 square feet of ground-floor retail space. The fully leased status at delivery, coupled with the Lease Up financing structure, positions the sponsorship to benefit from future performance gains as the asset seasons under the new capital stack.
