The development, 251 Douglass Street, is in a qualified opportunity zone and will offer 260 multifamily rental units
BROOKLYN, N.Y., Aug. 3, 2023 /PRNewswire/ — Canyon Partners Real Estate LLC (“Canyon“), Tavros (“Tavros“), and Charney Companies (“Charney“) today announced their joint venture for the development of 251 Douglass Street (the “Project“), a 260-unit multifamily development in the Gowanus neighborhood of Brooklyn, NY, a qualified opportunity zone. The Project is being capitalized with $64.4 million of equity and the joint venture simultaneously closed on a $119.9 million senior construction loan with financing provided by Barings. The debt was arranged by Newmark, led by Co-Presidents of Debt & Structured Finance, Jordan Roeschlaub and Dustin Stolly, and Executive Managing Director Chris Kramer.
The Class-A multifamily development is 15 stories, with ground-floor retail, parking, and a significant amenity package. The Project features several environmental, social and governance (ESG) attributes, including 65 permanently affordable housing units, an energy efficient design and space allocated to community and maker retail use.
In January 2023, Canyon, Tavros, and Charney announced a joint venture for the development of 585 Union Street, a 224-unit multifamily development also located in the Gowanus neighborhood.
“As Gowanus becomes a central community for families and young professionals, there is a growing need for modern, affordable housing in the area,” said Nicholas Silvers, founding partner at Tavros. “With the neighborhood positioned for long-term growth, we look forward to providing apartment housing that will benefit both residents and the community.”
The Gowanus neighborhood is a diverse metropolitan area that has undergone significant transformative growth. 251 Douglass will be central to Gowanus’ range of retail, entertainment and hospitality offerings, including Whole Foods, the Barclays Center and the Thomas Green Playground and park.
“251 Douglass will offer a modern, highly amenitized living community to Gowanus’ residents. Its proximity to Brooklyn’s major subway lines in addition to the city’s parks, shopping and entertainment will provide the convenience and accessibility today’s residents are seeking,” added Sam Charney, Principal of Charney Companies. “We value our continued partnership with Canyon Partners and Tavros to deliver much-needed, high-quality housing.”
Canyon’s investment marks its twelfth qualified opportunity zone investment, totaling ~$1.2B of project capitalization.
About Canyon Partners LLC
Founded in 1991, Canyon Partners Real Estate LLC (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with approximately $24.5 billion in assets under management. Over the last ten years, Canyon has invested approximately $5.6 billion of debt and equity capital across over 200 transactions capitalizing approximately $21.3 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With 30+ years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts). For more information visit: www.canyonpartners.com.
For more information visit: www.canyonpartners.com.
Founded in 2009, Tavros is a privately-owned real estate investment management and development firm. They invest on a discretionary basis, with a strong focus on New York City, and a global investor base of family offices, trusts, high net worth individuals, and institutions. Core to the Tavros discipline is the quality of its partnerships with tenants, investors, and lenders. As an owner and property manager, Tavros aims to ensure a positive experience for its tenants through attention to detail and a focus on quality of life.
For more information visit: https://www.tavroscapital.com/
About Charney Companies
Founded in 2012 Charney Companies is a fully integrated real estate development, construction, and management firm with a focus on developing, owning, and operating first-class residential and commercial real estate in the New York City Metro area. From ground-up construction to adaptive reuse and value-add repositioning, Charney plays an integral role in all aspects of the development process and leverages the expertise and experience of their principals to deliver superior products to the marketplace and best-in-class returns for their investors. Charney owns, operates, and is under construction on over two million square feet throughout Brooklyn and Queens, and has won awards and accommodations from municipal organizations and media outlets for their work over the last 5 years.
For more information visit: https://charneycompanies.com/
Barings is a $351* billion global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment.
*Assets under management as of June 30, 2023
For more information visit: https://www.barings.com/
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark“), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world.
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SOURCE Canyon Partners LLC