$38M Loan to Buy Gowanus Development Site

The Domain Companies, an apartment developer, borrowed a total of $38 million to buy 420 Carroll St., an industrial building next to the Gowanus Canal neighborhood of Brooklyn.

The financing package includes a $25-million, floating-rate bank loan, along with a $13-million mezzanine loan from Sherwood Equities.

“Sherwood Equities’ lending platform was a perfect match for the project, given their appetite for pre-construction New York land loans and comfort with the rezoning of the property,” said Christopher Peck of Holliday Fenoglio Fowler, who with Peter Rotchford and Scott Findlay arranged the financing package.

 The 1.5-acre site is expected to house a future mixed-income, mixed-use development project.  It’s also just a five-minute walk to a Whole Foods store in the rapidly changing neighborhood.

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