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JV Secures Takeout Loan for First Project of 2021 Gowanus Rezoning
The Domain Companies said Wednesday it closed on a $205-million refinancing for 420 Carroll, the first project completed under the 2021 Gowanus rezoning aimed at adding hundreds of new apartments to the Brooklyn neighborhood.
A JLL partnership including senior managing directors Christopher Peck and Peter Rotchford and senior director Nicco Lupo arranged the bridge take-out loan on behalf of The Domain Companies and Silverstein Properties, the joint venture partnership that developed the 360-unit trophy property. AllianceBernstein L.P. provided the financing.
“This new financing package demonstrates the success of 420 Carroll, a state-of-the-art project that delivered hundreds of much-needed homes, new opportunities for retail and beautiful public outdoor space to Gowanus,” said Matt Schwartz, co-CEO of The Domain Companies.
Peck added, “420 Carroll St. stands as a pioneering development and this transaction represents the first takeout financing in Gowanus, a significant milestone and catalyst for the neighborhood’s continued transformation.”
- ◦Financing
