Developers Line Up Debt for Brooklyn Duo

A quarter of the projects’ 668 units will be designated as affordable.

Rendering of a pair of apartment buildings
A rendering of Nevins Street projects. Image courtesy of Fogarty Finger

Developers Tavros Holdings, Charney Companies and Incoco Capital have secured funding for their properties at 310 Nevins Street and 340 Nevins Street in Brooklyn, N.Y.

Affinius Capital and Kennedy Wilson provided $160 million for 340 Nevins Street, while TYKO Capital provided $140 million for 310 Nevins Street.

The Opportunity Zone projects are located within the Gowanus neighborhood and will offer 668 residential units, 25 percent of which will be set aside as permanently affordable and be available to residents earning an average of 60 percent of the Area Median Income.

This community will provide a newly cohesive waterfront esplanade, accessible by the community, on more than a half-acre of space along the Gowanus Canal.

Financing details

The TYKO Capital team was led by the firm’s founder, Adi Chugh, who worked alongside David Glanzman and Christian Hung. Newmark arranged the project financing on behalf of Tavros and Charney Companies. The Newmark team was led by Jordan Roeschlaub, co-president of global debt & structured finance. Vice Chairman Chris Kramer and Associate Michael Dorfman also worked on the deal.

Fogarty Finger Architects designed the property, while James Corner Field Operations was tapped as the property’s landscaper.

Totaling 631,000 square feet, the community sits on 2.3 acres of land near the Gowanus Canal.

The property is located two blocks from the Union Street subway station, which provides access to Lower Manhattan, Times Square and Union Square, all accessible via train under 40 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.

You May Also Like