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JLL Lines Up $142M Financing for Gowanus Residential Project
JLL Capital Markets arranged $142 million in construction financing for Majestic, a ground-up, Class A mixed-use development with 255 apartment units and 18,000 square feet of commercial space, at 540 DeGraw St. in the rezoned Gowanus neighborhood of Brooklyn.
JLL worked on behalf of the borrower, a partnership of Domain Companies, the Urban Investment Group within Goldman Sachs Asset Management, Vorea Group and Mega Development, to secure the loan through U.S. Bank. The total capitalization of the project is $230 million.
The JLL debt and equity advisory team representing the borrower was led by senior managing director Christopher Peck, director Nicco Lupo, senior managing directors Jeff Julien and Rob Hinckley, and associate Jonathan Faxon. The deal is the second arranged in recent weeks by JLL for Domain with the first being 420 Carroll St., a 350-unit multifamily property also in Gowanus.
- ◦Development
- ◦Financing
