Developers Secure $125.5M Refinancing for Gowanus Rental Building

A development partnership led by Charney Companies, Tavros, and Canyon Partners Real Estate has secured $125.5 million in refinancing for Union Channel, a recently completed multifamily property in Brooklyn’s Gowanus neighborhood.

The financing was arranged by JLL Capital Markets and structured as a seven-year fixed-rate loan through Freddie Mac, replacing earlier construction financing for the property.

Union Channel is the first completed residential building within the developers’ broader Gowanus Wharf development program, a multi-building redevelopment initiative planned along the Gowanus Canal.

A Key Project in the Gowanus Redevelopment

Union Channel is a nine-story residential building totaling roughly 210,000 square feet, delivering 224 rental apartments ranging from studios to three-bedroom units.

The development includes ground-floor retail space and a range of residential amenities, reflecting the type of mixed-use projects that have begun reshaping the neighborhood.

Approximately 25 percent of the apartments are designated as affordable housing, consistent with New York City’s inclusionary housing policies tied to the neighborhood’s rezoning.

Part of the Larger Gowanus Wharf Campus

Union Channel represents the first completed building within the developers’ Gowanus Wharf campus, a multi-phase residential development program that will eventually deliver roughly 2,000 housing units across four buildings in the neighborhood.

Additional projects within the development pipeline include:

• Douglass Port, scheduled to open soon
• Nevins Landing, expected later in the year
• 175 Third Street, a larger future development that will anchor the project’s final phase.

The developments are part of a broader residential construction boom following the city’s rezoning of the Gowanus neighborhood.

Strong Demand for Multifamily Financing

The refinancing highlights continued lender appetite for stabilized multifamily properties in major urban markets.

Government-backed lenders such as Freddie Mac and Fannie Mae have remained among the most active sources of financing for rental housing developments, particularly projects that include affordable units.

For developers, refinancing newly completed projects can allow them to reduce borrowing costs, return equity to investors, and position properties for long-term ownership.

Final Thoughts

The refinancing of Union Channel reflects both the continued evolution of the Gowanus neighborhood and the strong demand for multifamily housing in Brooklyn.

As additional buildings within the Gowanus Wharf campus come online, the development partnership behind the project is expected to remain one of the most active players shaping the area’s transformation from an industrial district into a major residential corridor.

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