Loan Assignment · Gowanus
164 4th Avenue sees a loan assigned at ~$90.25M
The Douglass Street Apartments is a 160-unit tower, 30% affordable, on a former gas station site, developed by Artimus Construction with Heron Real Estate; Freddie Mac now holds the senior loan.
- Amount
- ~$90.25M
- Type
- Loan Assignment
- Date
- Jun. 2026
164 4th Avenue, Brooklyn, NY
Recorded in NYC property records.
- Borrower
- 164 4 LLC
- The senior loan position moved from JPMorgan Chase to CPC Mortgage Company to Freddie Mac -- a GSE taking the senior position typically signals a project has stabilized post-construction.
- The original $90M construction loan (Feb. 2024) was a joint venture between Artimus Construction and Heron Real Estate (the Wiczyk family).
- The site is a former gas station; Artimus raced to close financing ahead of the since-expired 421a tax-abatement deadline.
- The building is 160 units, 30% affordable, with GKV Architects as architect of record.
Overview
Artimus Construction's roughly $90 million construction loan for the Douglass Street Apartments at 164 4th Avenue -- a 160-unit tower that's 30% affordable -- moved into permanent financing hands in June 2026. ACRIS records show the loan's larger piece, a $74.75 million agreement originally with JPMorgan Chase Bank, N.A., was assigned to CPC Mortgage Company LLC and then on to the Federal Home Loan Mortgage Corporation (Freddie Mac). A separate $15.5 million piece, held directly by The Community Preservation Corporation, wasn't assigned. Freddie Mac picking up the senior position is typically a sign a project has moved from construction into permanent, stabilized financing.
Per The Real Deal, the $90 million construction loan behind the project closed in February 2024, a joint venture between Artimus Construction -- led by Ken Haron, Eytan Benyamin, and Barry Gurvitch -- and Heron Real Estate, a firm tied to the Wiczyk family. The site, a former gas station, carried a tight timeline: Artimus raced to close the loan and start construction ahead of a 2024 deadline to qualify for the since-expired 421a tax abatement. Artimus had bought additional air rights for the site for $2.5 million in 2023. The building's architect of record is GKV Architects. Artimus has also developed Circa Central Park and 1140 Amsterdam Avenue.
Confirms the Douglass Street Apartments' construction loan has converted to permanent financing with a GSE now in the senior lender seat -- a marker of a stabilized, de-risked project rather than an active construction site.
Parties Involved 5 recorded
Basis
Named as party1 on both loan agreements (ACRIS docs 2026061500224008 and -009).
Artimus Construction: Recorded on this Deal as the party behind "164 4 LLC" — named in this Deal's own published summary. The ACRIS-recorded party is unchanged and remains "164 4 LLC".
Basis
Named as party1 (assignor) on the $0 assignment (doc 2026061500224007), handing its position to CPC Mortgage Company LLC.
Basis
Named as party2 (assignee) on doc 2026061500224007, then as party1 (assignor) on doc -014, assigning the same $74.75M position onward to Freddie Mac.
Basis
Named as party2 (assignee) on the final assignment (doc 2026061500224014), confirming it now holds the $74.75M senior position.
Basis
Named directly as party2 on the $15,500,000 loan agreement (doc 2026061500224009); no assignment document found for this piece.
Counts and combined values are computed from Hush Street’s own published Deal records only. “Combined” is the total value of the transactions a party appears on, not capital deployed by that party, and two parties on the same transaction each reflect its full amount. Not a career or market total.
Marks shown are Hush Street editorial monograms, generated from each party’s recorded name — not official company logos.
Property & Project
Sources & Recordsverification, citations & data notes
- ACRIS Document Detail -- loan agreement, $74,750,000 — NYC ACRIS
- ACRIS Document Detail -- assignment, JPMorgan to CPC Mortgage Company LLC — NYC ACRIS
- ACRIS Document Detail -- assignment, CPC Mortgage Company LLC to Freddie Mac — NYC ACRIS
- ACRIS Document Detail -- loan agreement, $15,500,000 — NYC ACRIS
- Artimus Construction lands $90M to build in Gowanus — The Real Deal