Two Loans Totaling $145 Million Secured; Lenders are Silver Point Capital and Brodsky/Tikehau Capital
Charney Companies and Tavros announced significant funding for 175 Third Street, the planned fourth building in their jointly developed campus Gowanus Wharf. Once completed, 175 Third Street will be the largest building in Gowanus, with approximately 1 million square feet and 1,000 residences. Upon completion of the project, Charney and Tavros will have developed and will own over 2 million square feet and 2,200 residences in Gowanus, making them the largest owner in the neighborhood.
Two acquisition/pre-development loans totaling $145 million have been secured, with Silver Point Capital providing $110 million and Brodsky/global alternative asset manager Tikehau Capital providing $35 million as the mezzanine lender.
“This acquisition represents a major step forward in our vision for Gowanus Wharf and we truly value the commitment of our partners, Silver Point Capital and Brodsky/Tikehau Capital,” said Justin Pelsinger, COO Charney Companies. “We’re thrilled to secure this significant site, our fourth in the portfolio, and embrace the opportunity it presents. Our focus will be on delivering high-quality, much-needed housing for New Yorkers and actively participating in the positive transformation and further development of the vibrant Gowanus neighborhood.”
With 37,000 square feet of publicly accessible waterfront esplanade and open space, 175 Third Street is directly across from Whole Foods and is considered the southern gateway to Gowanus. Design and landscape elements will be led by James Corner Field Operations, the renowned landscape architects whose works include the High Line in Manhattan, Fresh Kills Park on Staten Island, and Domino Park in Brooklyn.
“175 Third represents the culmination of our work in creating Gowanus Wharf as the market leading new residential innovation in New York City, said Nicholas Silvers, Founding Partner, Tavros. “This project will crystallize all of the incredible efforts from the community board, elected and the surrounding special Brooklyn neighborhoods to rezone and elevate what is possible in NYC when the public and the private sectors work together to achieve great things.”
“We are excited to partner with Charney Companies and Tavros in the acquisition of this dynamic project,” said Anthony DiNello, Head of Direct Lending, Silver Point Capital. “The development of new, high-quality, transit-oriented projects is critical, and we look forward to supporting Charney and Tavros in bringing 175 Third Street to fruition.”
“The Brodsky Organization is proud to provide mezzanine financing to Tavros and Charney alongside our partners at Tikehau. Together, Brodsky and Tikehau are committed to providing financing solutions and contribute to the vibrancy and growth of emerging neighborhoods like Gowanus,” said Thomas Brodsky of Brodsky.
“We are proud to support the next chapter of the Gowanus transformation with Charney Companies and Tavros, building upon a strategic partnership with The Brodsky Organization,” said Maxime Laurent-Bellue, Co-head of Credit and Edoardo Crotta, executive director within the Real Estate Credit team, Tikehau Capital “This investment reflects the strength of our growing global credit franchise and marks a significant step in our expansion into the U.S. real estate market. We are committed to financing high-impact, forward-looking developments that deliver long-term value for communities and investors alike.”
A JLL team led by Senior Managing Directors Christopher Peck and Peter Rotchford, Senior Director Nicco Lupo, Managing Director Lauren Kaufman, and Vice President Jonathan Faxon represented the borrowers.
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