CHARNEY COMPANIES SECURES $135M CONSTRUCTION LOAN FINANCING FOR 95 ROCKWELL PLACE, 45-STORY CONDOMINIUM IN FORT GREENE

BH3 Fund Advisors and Madison Realty Capital Provide Financing

BROOKLYN, N.Y., May 6, 2025 /PRNewswire/ -- Charney Companies today announced significant construction loan financing for its development of 95 Rockwell Place in Fort Greene, Brooklyn, the center of Brooklyn's Cultural District. Financed with $135 million in backing from BH3 Fund Advisors and Madison Realty Capital, a vertically integrated real estate private equity firm, the 45-story condominium will bring 182 new units to a neighborhood traditionally dominated by single-family homes.

"Closing this significant construction loan is a pivotal moment, allowing us to bring our vision to deliver high-quality condominium housing to Fort Greene and contribute a thoughtful addition to the Brooklyn skyline," said Justin Pelsinger, COO of Charney Companies. "This endeavor is strengthened by our collaboration with Public Service, the design branch of the highly regarded Brooklyn institution Public Records. None of this would become reality without the crucial support and belief from our relationship partners, BH3 Fund Advisors and Madison Realty Capital, and we are deeply grateful."

95 Rockwell will feature a mix of studio, one-, two-, and three-bedroom units, along with approximately 500 square feet of commercial space. Building amenities will include outdoor garden space, a gym, a steam room, a spa, co-working spaces, a café and private party space for residents. Demolition began in May 2024 and completion is anticipated for Q4 of 2027.

"We are grateful for the opportunity to work with Charney Companies in financing 95 Rockwell," said Adam Falk of BH3 Fund Advisors. "Located at the nexus of several core Brooklyn neighborhoods and within the borough's cultural center, the area is primed for a thoughtful new condominium. Charney Companies have a proven track record and reputation of delivering thoughtful and contextual projects in Brooklyn and beyond. We expect 95 Rockwell will be another well received and successful addition to the rapidly evolving neighborhood."

Charney is collaborating with Public Service, a branch of Public Records, the well-loved, music-driven, design-forward restaurant and community space in Gowanus for 95 Rockwell's interior design. In addition to musical sound curation throughout the building's public areas, Public Service will design interior space utilizing sustainable materials and re-creating the sense of calm Public Records offers. With over 7,000 square feet dedicated to amenities, sound will play a central role in shaping the building's atmosphere.

"We are pleased to provide flexible financing to Charney Companies, a repeat borrower and highly experienced developer of luxury residential projects," said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. "95 Rockwell is a well-located, highly amenitized property within close proximity of Brooklyn's premier dining and cultural destinations. This transaction reflects Madison Realty Capital's commitment to supporting best-in-class developments and delivering creative financing solutions that advance transformative projects across New York City."

A hub for public transportation, 95 Rockwell Place is conveniently located near the B, Q, R trains at DeKalb Ave, the 2, 3, 4, 5 lines at Nevins St, and the G train at Fulton Street. Additionally, the A, C, F, R lines at Jay St–Metro Tech provide quick and easy access to transit throughout Brooklyn and Manhattan. Fort Greene Park, the Brooklyn Academy of Music (BAM), Greenlight Bookstore, Dekalb Market Hall, Barclays Center, and many popular restaurants are all within easy walking distance.

Charney Companies is one of the most active developers in the country, with over 3,000 units in development throughout Brooklyn, Manhattan, and Queens, and $1B in total capitalization over the past year. Under the umbrella of Charney Companies, the arms of development, brokerage and building management operate under the guidelines of real estate – not only as an investment vehicle, but as a public good; one that delivers warmth, engenders fairness, creating strength and cultivates beauty in the fabric of a place.

About Charney Companies:

Founded in 2013, Charney Companies is a fully integrated real estate development, construction, brokerage, and management firm with a focus on developing, owning, and operating first-class residential and commercial real estate in the New York City Metro area. From ground-up construction to adaptive reuse and value-add repositioning, Charney plays an integral role in all aspects of the development process and leverages the expertise and experience of their principals to deliver superior products to the marketplace and best-in-class returns for their investors. Charney owns, operates, and is under construction on two million square feet throughout Brooklyn and Queens, and has won awards and accommodations from municipal organizations and media outlets for their work over the last 5 years. For more information, visit: https://charneycompanies.com/.

About BH3 Fund Advisors:

BH3 Fund Advisors was launched as BH3 Management's investment advisory arm, managing investments that align with BH3 Management's broader real estate fund strategies. BH3 Management and BH3 Fund Advisors (together, "BH3") operate a vertically integrated platform focused on real estate credit, development, and opportunistic equity strategies, led by co-founders Daniel Lebensohn and Gregory Freedman, and Executive Chairman Eric Edidin, along with 28 additional professionals between its offices in South Florida, New York City, and Denver. For more information, visit www.bh-3.com.

About Madison Realty Capital:

Madison Realty Capital is a vertically integrated private equity firm focused on US-based commercial real estate private credit strategies. As of December 31, 2024, the firm, including its controlled affiliates (collectively, "Madison"), manages $22.1 billion in assets on behalf of a global institutional investor base. Since 2004, Madison has completed over $53.7 billion of securities and non-securities real estate transactions largely through direct lending to a wide range of borrowers, acquiring non-performing loans and making preferred equity investments. Madison Realty Capital seeks to deliver value across every phase of the property lifecycle by providing customized financing solutions and strong underwriting capabilities that meet borrowers' unique needs with speed and certainty of execution. To learn more, follow Madison Realty Capital on LinkedIn and visit www.madisonrealtycapital.com.

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SOURCE Charney Companies