JLL Capital Markets arranges $136M refinancing capitalization for 655 Union

NEW YORK, March 24, 2026 – JLL Capital Markets announced today that it has arranged a $136 million financing for 655 Union, a newly delivered 193-unit trophy multifamily property located in the Gowanus neighborhood of Brooklyn, New York.

JLL worked on behalf of the borrowers, Avery Hall Investments and Gindi Capital, to secure the financing through Freddie Mac and CenterSquare Investment Management. The Freddie Mac loan will refinance an existing construction loan and be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.

This is the first transaction in New York to utilize Freddie Mac's Lease Up program following the introduction of the Borrow Up feature. Under this newly announced program enhancement, sponsors who achieve NOI improvements between the first and second year of their loan can return to secure additional proceeds at first mortgage pricing, providing an efficient mechanism to access increased leverage based on demonstrated property performance.

“We are extremely proud to have developed amongst the best performing assets in the submarket to date, further demonstrating the continued economic maturation within Brownstone Brooklyn. This project truly embodies the targeted outcome we set out to achieve over half a decade ago, which was to provide high quality affordable and market rate housing product for all residents, while delivering risk adjusted appropriate returns for our investors. A true win-win,” said Avi Fisher, Founding Partner at Avery Hall Investments.

Delivered in 2025, 655 Union is a fully leased 15-story, 194,454 square-foot mixed-use property featuring 143 market-rate units and 50 affordable units and approximately 14,764 square feet of ground-floor retail space. It offers residents condo-quality finishes and a 12,000-square-foot amenity package that includes a 25-yard outdoor lap pool with cabanas, a fully equipped fitness center, yoga and Pilates studios, wellness space, coworking areas, media room, private dining room, sunset garden and 24/7 doorman and concierge Service.

Located at the border of Gowanus and Park Slope, the property is situated at the intersection of Union Street and 4th Avenue, directly above the Union Street subway station, offering residents immediate access to Manhattan and surrounding Brooklyn neighborhoods. The retail component is partially leased to the academic enrichment brand NY Kids Club and Bank of America.

The JLL Capital Markets debt advisory team was led by Senior Managing Directors Christopher Peck and Peter Rotchford, Managing Director Michael Shmuely and Senior Director Nicco Lupo.

“655 Union's premium design, transit connectivity and affordable housing component created an exceptionally strong lending opportunity," said Peck. “The transaction’s success reflects robust liquidity for quality Brooklyn multifamily assets and strong investor confidence in Gowanus’ continued growth.”

With an influx of new residents, Gowanus is seeing its retail and cultural scene expand with diverse restaurants, bars and shops, along with a thriving artist community. Lifestyle and fitness offerings include The Cliffs at Gowanus, New York’s largest climbing gym, and athletic country club Life Time, which has announced plans for a new facility on Third Street.

Avery Hall Investments is a New York-based real estate development and investment firm with a portfolio spanning more than 2,400 units nationally. Gindi Capital is a family-owned real estate investment firm focused on acquiring and repositioning retail, multifamily and mixed-use properties in premier markets.

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