Canyon Partners, Tavros and Charney Cos. add second multifamily development to Brooklyn portfolio
Canyon Partners Real Estate, Tavros and Charney Cos. has form a joint venture for the development of 251 Douglass St., a 260-unit multifamily development in the Gowanus neighborhood of Brooklyn, N.Y., 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.
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 St., a 224-unit multifamily development also located in the Gowanus neighborhood.