JLL Capital Markets secured a $125.536 million fixed‑rate, seven‑year loan from Freddie Mac for Union Channel, a 224‑unit residential building in Brooklyn’s Gowanus Wharf community. The loan, serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender, provides long‑term, low‑interest financing for the property, which includes 25 % affordable housing and 22,226 sq ft of retail space.
Union Channel opened in early 2025 and is the first of four buildings planned for the Gowanus Wharf campus, which aims to deliver roughly 2,000 residential units, a public park, a canal boardwalk, and extensive amenity spaces. The financing underscores confidence in the Gowanus redevelopment following the 2021 rezoning that has attracted significant public and private investment.
"Union Channel is the cornerstone of our vision for Gowanus Wharf and reflects our conviction in the long‑term trajectory of this neighborhood," said Justin Pelsinger, partner and COO of Charney Companies. The loan enables the developer to continue executing its business plan while delivering a high‑quality residential experience in one of Brooklyn’s most dynamic communities, said Colin Rankowitz, partner at Tavros.
Christopher Peck, Senior Managing Director at JLL Capital Markets, noted that "Union Channel represents a best‑in‑class asset within one of Brooklyn's most compelling long‑term growth corridors. Freddie Mac recognized the strength of the sponsorship, the quality of the construction and the property's strategic positioning within the broader Gowanus Wharf master plan. We continue to see strong appetite for well‑located, institutional‑quality multifamily assets in New York City."
The deal highlights JLL’s expertise in arranging financing for large multifamily developments and its growing presence in the high‑growth Brooklyn market. Freddie Mac’s Optigo program, which supports affordable rental housing, has increased its multifamily lending in 2025, providing a stable source of financing amid cautious private lending. The $125.5 million loan demonstrates the continued demand for agency‑backed financing for high‑quality, mixed‑use projects in New York City.
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