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JLL has arranged $142 million in construction financing for the developers of Majestic, a multifamily property in Brooklyn's Gowanus neighborhood

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. 

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Inside The Story

JLL's Peck

About Paul Bubny

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).

  • ◦Development
  • ◦Financing
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