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**Mixed-Use Development Along Gowanus Canal Secures $123M Construction Financing**
JLL Capital Markets has successfully arranged $123 million in construction financing for the development of 450 Union Street, a planned mixed-use project situated along the Gowanus Canal in Brooklyn. The project will consist of 158 residential units and is being developed by a joint venture between MacArthur Holdings and Brooklyn-based developer Tankhouse.
The financing package includes a $90 million construction loan provided by Bank Hapoalim and IDB Bank. Additionally, Eyal Ofer’s Global Holdings Management Group has contributed a $33 million equity investment to the project.
Branded as Anagram Gowanus, the 20-story development will include 118 market-rate apartments and 40 affordable housing units. The project will also feature 22,000 square feet of ground-floor retail and commercial space, along with 13,000 square feet of below-grade parking. The building is positioned directly adjacent to the planned seven-acre Gowanus waterfront esplanade.
JLL’s Capital Markets team was led by Senior Managing Directors Christopher Peck and Peter Rotchford, Senior Director Nicco Lupo, Managing Director Winfield Clifford, and Vice President Jonathan Faxon, who represented the borrower in securing the financing.
Anagram Gowanus is set to become a significant addition to the evolving Gowanus neighborhood, combining residential, retail, and community-focused design alongside the historic canal.
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