Gowanus's Next Chapter: $125M Deal Fuels Waterfront Vision

NEW YORK, NY – March 10, 2026 – A massive new financing deal is solidifying the future of one of Brooklyn's most rapidly evolving neighborhoods. A joint venture of developers Charney Companies, Tavros, and Canyon Partners Real Estate has secured a $125.536 million loan for Union Channel, the first residential building in their ambitious Gowanus Wharf mega-project. The deal, arranged by JLL Capital Markets through the government-sponsored lender Freddie Mac, signals strong institutional confidence in the large-scale, mixed-income community rising on the banks of the Gowanus Canal.

A Financial Milestone in Brooklyn's Waterfront Transformation

The seven-year, fixed-rate loan provides long-term stability for Union Channel, a 224-unit luxury rental building that has been popular with renters since its debut a year ago. The involvement of Freddie Mac is particularly significant, as agency lenders are often seen as a bellwether for market health and the viability of projects that align with public policy goals, including affordable housing.

JLL Capital Markets, which represented the developers, highlighted the project's strengths. "Union Channel represents a best-in-class asset within one of Brooklyn's most compelling long-term growth corridors," said Christopher Peck, Senior Managing Director at JLL. "Freddie Mac recognized the strength of the sponsorship, the quality of the construction and the property's strategic positioning within the broader Gowanus Wharf master plan."

This sentiment was echoed by the development partners, who view the financing as a key step in realizing their vision. "Union Channel is the cornerstone of our vision for Gowanus Wharf and reflects our conviction in the long-term trajectory of this neighborhood," stated Justin Pelsinger, Partner and COO of Charney Companies. For the developers, the loan is not just a financial transaction but a validation of their strategy to create a high-quality residential experience in a neighborhood undergoing a historic transformation. Colin Rankowitz, a Partner at Tavros, added that securing the loan "enables us to continue executing our business plan."

The Dawn of Gowanus Wharf

Union Channel is just the first piece of a much larger puzzle. It serves as the gateway to Gowanus Wharf, a four-building campus that is set to permanently alter the neighborhood's skyline and character. Upon completion, the joint venture between Charney and Tavros will make them the largest property owners in Gowanus, controlling over two million square feet.

Designed by the acclaimed Fogarty Finger Architecture, the nine-story Union Channel offers residents a rooftop swimming pool, a state-of-the-art fitness center, coworking lounges, and a 24/7 attended lobby. But the campus is rapidly expanding. Douglass Port, a 15-story, 260-unit building, is slated to open in late spring 2026. It will be followed by Nevins Landing in the fall, a two-tower complex adding 654 more rental units.

The final and largest piece will be 175 Third Street, a highly anticipated project designed by the world-renowned Bjarke Ingels Group. This architectural centerpiece will feature over 1,000 apartments and an 85,000-square-foot Life Time athletic country club. In total, Gowanus Wharf will deliver approximately 2,000 new residential units, a public park, and a publicly accessible canal boardwalk designed by James Corner Field Operations, the firm behind Manhattan's High Line.

Rezoning's Promise: Forging a Mixed-Income Community

This wave of development was made possible by the landmark 2021 Gowanus rezoning, a comprehensive plan designed to transform the formerly industrial neighborhood into a vibrant, mixed-use community. The rezoning aims to create nearly 9,000 new apartments while funding an ongoing environmental cleanup of the notoriously polluted Gowanus Canal.

A core component of the plan is the Mandatory Inclusionary Housing (MIH) program, which requires developers to set aside 20-30% of new units as affordable housing. The goal is to create a genuinely mixed-income community and push back against exclusionary trends. A racial equity study by Columbia University found that the rezoning has the "clear potential to be a net positive for racial equity," helping to foster integration in a district that had grown progressively wealthier and whiter over the preceding 15 years.

Union Channel exemplifies this policy in action. Of its 224 apartments, 58 are designated as affordable, with some reserved for households earning as little as $31,989 per year. Rents for these units can start as low as $848 a month, a stark contrast to the area's surging market rates. This commitment to affordability, supported by programs like the 421-a tax incentive, is woven into the fabric of the new Gowanus.

Meeting Market Demand with Luxury and Lifestyle

The massive investment pouring into Gowanus is a direct response to soaring demand. The neighborhood, with its unique character and proximity to established areas like Park Slope and Carroll Gardens, has become a hotbed for renters. Recent market data shows the median rent in Gowanus has climbed to $5,377, a 14% increase over the past year, underscoring the fierce competition for housing.

Developers are meeting this demand with highly amenitized buildings designed to offer a complete lifestyle package. Union Channel's rooftop pool, fitness center, and coworking spaces are now standard expectations in Brooklyn's luxury rental market. The broader Gowanus Wharf plan, with its integrated public park, boardwalk, and high-end retail like the Life Time club, elevates this concept to a campus-wide scale.

This convergence of private investment, public policy, and market demand is what makes the Gowanus transformation so compelling. The $125 million financing for Union Channel is more than just a real estate transaction; it's a crucial infusion of capital that ensures the foundational vision for a new, inclusive, and dynamic Brooklyn waterfront community continues to move forward. As construction progresses on the rest of the Gowanus Wharf campus, the neighborhood's evolution from an industrial past to a residential future is becoming more concrete every day.