Charney-Tavros Venture Lands $125.5M Refinance for Gowanus Wharf Tower

JLL has arranged a $125.5 million refinancing package for Union Channel, a 224-unit residential property that serves as one of the anchor buildings within Brooklyn's emerging Gowanus Wharf megaproject. The financing comes as the property approaches the completion of its first full year of leasing operations.

The development partnership—comprising Charney Companies, Tavros, and Canyon Partners Real Estate—tapped into the capital markets to refinance the asset amid what has been a challenging lending environment for multifamily properties. The deal signals that institutional-quality assets in Brooklyn's gentrifying neighborhoods continue to attract significant debt capital.

According to Commercial Observer, the transaction represents the latest in a series of financing wins for the broader Gowanus Wharf development, which spans multiple buildings along the industrial waterfront corridor that has undergone substantial transformation in recent years.

Key Details

• Property: Union Channel, a 224-unit multifamily complex within the Gowanus Wharf superproject
• Financing Amount: $125.5 million refinance
• Arranger: JLL Capital Markets
• Development Team: Joint venture between Charney Companies, Tavros, and Canyon Partners Real Estate
• Timing: The building opened last year and is nearing the end of its inaugural operating year
• Context: Part of a four-building master development along the Gowanus Canal waterfront

Market Impact

This refinancing transaction carries several implications for commercial real estate professionals tracking the Brooklyn multifamily sector. First, it demonstrates that lenders remain willing to deploy substantial capital for well-located, institutional-grade assets—even as interest rate volatility and regulatory pressures have constrained broader multifamily lending volumes.

The Gowanus neighborhood specifically has emerged as one of Brooklyn's most active development corridors, particularly following the 2021 rezoning that unlocked significant residential density along the industrial waterfront. Union Channel's successful refinancing validates early bets on the area's transformation and may encourage additional investment activity in the submarket.

For developers and investors, the deal highlights the importance of partnership structures that combine local development expertise with institutional capital. The Charney-Tavros-Canyon collaboration brings together seasoned New York developers with deep capital resources—a formula that appears to be resonating with lenders even in tighter credit conditions.

Additionally, the transaction suggests that properties completing their lease-up phase are finding refinancing success, particularly when backed by strong sponsorship and positioned in neighborhoods with demonstrated renter demand. As more Gowanus Wharf buildings come online, industry watchers will be monitoring whether subsequent phases can replicate this financing success.