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Gowanus Multifamily Project Garners $176M Financing
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.
- ◦Development
- ◦Financing
