BROOKLYN, NY – Canyon Partners Real Estate, Tavros, and Charney Companies announced their joint venture for the development of 251 Douglass Street, a 260-unit multifamily development in the Gowanus neighborhood of Brooklyn, NY, a qualified opportunity zone.
The Project is being capitalized with $64.4 million of equity and the joint venture simultaneously closed on a $119.9 million senior construction loan with financing provided by Barings. The debt was arranged by Newmark, led by Co-Presidents of Debt & Structured Finance, Jordan Roeschlaub and Dustin Stolly, and Executive Managing Director Chris Kramer.
The Class-A multifamily development is 15 tales, with ground-floor retail, parking, and a significant amenity package. The Project features several environmental, social and governance (ESG) attributes, including 65 permanently affordable housing units, an energy efficient design and space allocated to community and maker retail use.
In January 2023, Canyon, Tavros, and Charney announced a joint venture for the development of 585 Union Street, a 224-unit multifamily development also located in the Gowanus neighborhood.
“As Gowanus becomes a central community for families and young professionals, there is a growing need for modern, affordable housing in the area,” said Nicholas Silvers, founding partner at Tavros. “With the neighborhood positioned for long-term growth, we look forward to providing apartment housing that will benefit both residents and the community.”
The Gowanus neighborhood is a diverse metropolitan area that has undergone significant transformative growth. 251 Douglass will be central to Gowanus’ range of retail, entertainment and hospitality offerings, including Whole Foods, the Barclays Center and the Thomas Green Playground and park.
“251 Douglass will offer a modern, highly amenitized living community to Gowanus’ residents. Its proximity to Brooklyn’smajor subway lines in addition to the city’s parks, shopping and entertainment will provide the convenience and accessibility today’s residents are seeking,” added Sam Charney, Principal of Charney Companies. “We value our continued partnership with Canyon Partners and Tavros to deliver much-needed, high-quality housing.”

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KATY, TX – National multifamily real estate development leader Wood Partners announced the official groundbreaking of its latest residential community, Alta Grandway, located just west of Houston in Katy, Texas. With construction on the project already well underway, Alta Grandway is expected to start pre-leasing early next year and officially welcome residents home by May 2024.
Positioned at 2110 Grandway Drive, Alta Grandway is nestled in one of the most sought-after residential communities in the Greater Houston region. Conveniently situated adjacent to I-10, the forthcoming property will offer residents direct access to a wide range of nearby retail choices, including Grand Morton Town Center, which is home to leading retailers and restaurants including Kroger, HomeGoods, Petco, Starbucks, Chick-fil-A and more. Residents of Alta Grandway will also benefit from the community’s proximity to many of the city’s top employers, including Texas Medical Center-West Campus (Houston Methodist, Texas Children’s and MD Anderson), Memorial Hermann Katy, Toshiba and Katy ISD, as well as various corporate headquarters, such as Shell Exploration and Production, BP North America, Igloo and Academy Sports + Outdoors. In their down time, there are also several nearby outdoor recreational spaces for future residents to explore and delight in, including Mary Jo Peckham Park, Katy Park and Mason Creek Hike and Bike Trail.
“We are thrilled to break ground on Alta Grandway,” said Bart Barrett, Managing Director for Wood Partners. “The community’s location offers prospective residents a reasonable cost of living, access to exceptional nearby employment opportunities, and is zoned to the award-winning school district Katy ISD. Wood Partners is excited to continue our growth in the greater Houston market and make remarkable living experiences for our future residents.”
Once complete, Alta Grandway will offer 336 apartment homes across the garden-style community comprised of one-, two- and three-bedroom custom-designed floor plans. Each home will showcase contemporary interior finishes enhanced by high-end fixtures to provide residents with a welcoming, luxurious place to call home. Key interior features include stainless-steel appliance packages, granite countertops, designer tile backsplash, 42″ cabinets and wood-style flooring in the living areas and carpeted bedrooms, as well as full-size in-unit washer and dryer sets for added convenience.
Throughout the Alta Grandway community, residents will be able to take advantage of a diverse range of top-of-the-line amenities, including a resort-style pool and outdoor kitchen, as well as an on-site dog park with an interior dog wash station. Inside, residents will also delight in the community’s 24/7 state-of-the-art fitness center in addition to a dedicated business center, conference and entertainment spaces and clubroom, which will all feature wireless connectivity, as well as cutting-edge audio/visual technology.

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BASALT, CO – Civitas Capital Group, a Dallas-based alternative investment manager offering niche opportunities in U.S. real estate, announced the firm has closed on a new development project, Terraces at Tree Farm, near Aspen, Colorado.
Notably, the development qualifies as a “rural” project (also known as a “Targeted Employment Area,” or TEA) under the definition of the USCIS, allowing EB-5 investors the opportunity to obtain access to set-aside visas and priority processing under the EB-5 Reform and Integrity Act of 2022.
Terraces at Tree Farm is a 72-unit, Class A active adult community in Basalt, Colorado, less than a 30-minute drive from Aspen. Terraces at Tree Farm is in Roaring Fork Valley, an economic hub in western Colorado that includes the communities of Aspen, Snowmass Village, Basalt, Carbondale, and Glenwood Springs. Roaring Fork Valley is home to high-income residents and world-well-known tourist destinations. Residents at the Terraces at Tree Farm will delight in stunning views of the snow-capped Rockies and direct access to the trail around Kodiak Ski Lake.
“Terraces at Tree Farm allows Civitas to continue expanding its involvement and capabilities within the housing space,” says Rootvik Patel, Managing Director, Investments. “While we continue to look for opportunities to buy and develop properties directly, our experience with the EB-5 program allows us to also provide debt financing within the residential space to help capitalize quality deals, especially in periods where access to debt financing has tightened.”
Patel was co-lead on the project along with Justin Temple, Vice President, Investments.
“The Aspen area has become a playground for the rich and well-known, and as a result is one of the most expensive places to live in the United States,” says Jeff Kiser, Director and Head of EB-5 Investments. “Because of this dynamic, we were able to find an EB-5 project located in an area that has maintained a low enough population to qualify as rural, while still supporting significant economic activity and demand for new housing.”

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