JLL secures $123M capitalization for new Gowanus apartment development

NEW YORK, Jul. 24, 2025 – JLL Capital Markets announced today it has arranged $123 million in construction financing for 450 Union St., a planned 158-unit mixed-use development to be built along the Gowanus Canal in Brooklyn.

JLL represented the borrowers, a joint venture of MacArthur Holdings, a fourth-generation New York real estate company and Brooklyn-based developer, Tankhouse. Bank Hapoalim and IDB Bank provided the $90 million construction loan, and Eyal Ofer’s Global Holdings Management Group made a $33 million equity investment.

Situated directly adjacent to the Gowanus Canal, 450 Union St. will be branded Anagram Gowanus and rise to 20 stories featuring 118 market rate and 40 affordable units. The property will offer a blend of studio, one-, two- and three-bedroom apartments, each with a minimum of two exposures. Units will offer natural light and a mix of private, semi-private, and fully shared outdoor spaces. 

The property will offer a premier amenity package including a state-of-the-art fitness center, children’s playroom, co-working space and multiple outdoor spaces including an indoor-outdoor rooftop lounge offering 360-degree views of New York City. 450 Union St. will also feature 13,000 square feet of below grade parking and 22,000 square feet of ground floor retail and commercial space on the doorstep of the planned seven-acre Gowanus waterfront esplanade. The design of the property will optimize the integration of the canal frontage and associated public park space to create a vibrant ground floor of private amenities and activated retail spaces.

A JLL team led by Senior Managing Directors Christopher Peck and Peter Rotchford, Senior Director Nicco Lupo, Managing Director Winfield Clifford and Vice President Jonathan Faxon represented the borrowers.

Clifford said, “MacArthur Holdings, Tankhouse and Global Holdings are combining decades of expertise to deliver a forward-thinking design that meets the ever-growing demand for modern, amenity-rich living spaces in New York City.”

“All have a tremendous amount of long-term conviction in the site and broader neighborhood, and we look forward to seeing the successful delivery of another best-in-class project in their portfolio,” added Lupo.

450 Union St. is situated along the border of several in-demand Brooklyn submarkets, including Boerum Hill, Park Slope, and Carroll Gardens. The site is steps away from popular local bars, restaurants, and other retail offerings, and within walking distance of multiple MTA subway stations, offering seamless access to Manhattan in less than 20 minutes.

JLL is a leader in the New York tri-state commercial real estate market, with more than 4,800 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.

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MacArthur Holdings is a fourth-generation, family-run real estate business based in New York City. With 70 years of experience building, owning, and operating property in the world’s foremost real estate market, MacArthur Holdings believes in the long-term viability of the Real Estate market and seek to maximize return through opportunistic investing. The company’s portfolio includes multifamily, retail, office, hotel, and future development sites. In New York City, MacArthur owns and has built property in Manhattan’s most desirable markets such as Soho, the Meatpacking District, Times Square, the Upper West Side, and in many of the emerging neighborhoods of Brooklyn. Outside of New York City, MacArthur has built and continues to be active in building multifamily, office, warehouse, manufacturing, distribution, and self-storage facilities. These holdings include speculative developments as well as ground-up “built to suit” construction.

Tankhouse is a Brooklyn-based real estate development firm that believes building cities should be done locally, with transparency and accountability, with passion, and with an unwavering belief that better urban solutions can be found through a commitment to design and process. Tankhouse is a group of professionals with expertise in architecture, urban design, finance, construction, management, and education. Its mission is to work with purpose alongside people and organizations that it admires. Its focus is on the relationships that make its work possible. Its ambition is to prove that a commitment to design makes for better buildings, more vibrant neighborhoods, and more connected communities.

Global Holdings Management Group is an international alliance of real estate asset management and investment advisory companies operating across the United States, United Kingdom and Europe. We exclusively develop, advise and manage the real estate assets of Global Holdings Group – which was founded by its Chairman Eyal Ofer – across its residential, commercial and hotel portfolios in these geographies. The current portfolio we manage consists of over 10 million square feet of real estate, comprising over 120 properties and over 1,500 hotel rooms. We are proud to manage some of the most exciting real estate development projects in the world, creating extraordinary properties in iconic locations for tenants, customers and guests alike.