JLL Capital Markets arranged $176 million in construction financing for 420 Carroll St., a ground-up development of a 360-unit, Class A multifamily property in Brooklyn’s rezoned Gowanus neighborhood. The project’s total capitalization is $295 million.
A JLL debt and equity advisory team of Christopher Peck, Nicco Lupo, Jeff Julien, Rob Hinckley and Jonathan Faxon worked on behalf of the borrower, Domain Companies, to secure the loan through Bank OZK. JLL also advised on the limited partner joint venture that closed in January. The partnership also includes Vorea Group, the construction manager.
Situated directly on the waterfront at the 1st Street turning basin, the 420 Carroll St. development will comprise a 20-story high-rise tower and an adjacent 15-story high-rise tower and will have a direct connection to the Gowanus Canal promenade. It’s scheduled for completion in December 2024 and Domain is targeting LEED Gold certification for the property.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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