Canyon Partners Real Estate, Tavros Holdings and Charney Cos. have formed a joint venture for the development of 585 Union Street, a 224-unit multifamily development located in the Gowanus neighborhood of Brooklyn, N.Y., a qualified opportunity zone.
The project is being capitalized with $57.7 million of equity, and the joint venture simultaneously closed on a $107.0 million senior construction loan from Pacific Western Bank.
The 585 Union Street project is within walking distance of diverse entertainment, transportation, and employment hubs, including the many dining and entertainment options unique to the Gowanus neighborhood, the Barclays Center, and a Whole Foods. The project is one block from the Union Street subway station, which provides access to Lower Manhattan, Times Square and Union Square, all within 35 minutes. The property is near public parks, schools, restaurants and museums. The development will offer a mix of studio, one-, two- and three-bedroom units
