Boston-based impact investment firm, Arctaris Impact Investors, LLC, has invested $27 million in equity into the development of 310 and 340 Nevins St. in Brooklyn’s Gowanus neighborhood. This mixed-use/mixed-income project is valued at $475 million and marks Arctaris Impact’s first venture in Brooklyn. The investment will support New York City’s efforts to revitalize a formerly contaminated industrial area.
The property will consist of 668 units and is being developed by Tavros Holdings and Charney Companies. They are utilizing New York’s 421a Program to provide permanent affordable housing for residents with a total of 168 units dedicated to this purpose. Along with waterfront access, the development will also offer various amenities for its residents as well as retail space spanning over 45,000 square feet.
According to Jonathan Tower, founder and managing partner of Arctaris Impact Investors: “New York City currently faces one of the lowest multifamily vacancy rates nationwide which disproportionately affects lower-income households’ access to affordable housing.” He further states that their involvement through blending federal Opportunity Zone incentives with NY State housing programs aims at addressing this pressing issue within a challenging market.
The project has been funded by a total equity capitalization amounting up to $175 million which includes Arctaris Impact Investor’s contribution worth $27 million. Additionally,Tavros Holdings & Charney Companies have secured two construction loans totaling up tp$300million from Affinius Capital & Kennedy Wilson ($160million) alongwith TYKO Capital ($140million).
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