Pacific Western Provides $107M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams

NEW YORK CITY — Pacific Western Bank has provided a $107 million construction loan for a 224-unit multifamily project that will be located at 585 Union St. in the Gowanus area of Brooklyn. The site is situated within a Qualified Opportunity Zone. Units will come in one-, two- and three-bedroom formats, with 25 percent of the residences being reserved as affordable housing, and amenities will include a pool and fitness center. The borrower is a joint venture between Canyon Partners Real Estate, Tavros Holdings and Charney Cos. A tentative completion date was not disclosed.

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