JLL Capital Markets has announced that it has secured $176 million for construction financing of 420 Carroll St. This is a new development of 360 units of multi-housing in Brooklyn’s rezoned Gowanus district.
Total capitalization for the project is $295 Million. JLL secured the loan for Domain Companies through Bank OZK on behalf of the borrower. JLL advised on the joint venture limited partners that closed in January. Vorea Group is also a partner in the partnership. Mega Development is the general contractor, and FX Collaborative, Studio Mainer, and Studio Mainer are the architects.
The 420 Carroll St. project will be located directly on the waterfront, at the 1st Street Turning Basin. It will consist of a 20-story tower and an adjacent tower with 15 stories. This development will also have a direct link to the Gowanus Canal Promenade. According to the rezoning, approximately 27,500 square foot of retail and commercial space will be included in the community. This includes about 7,700 sq ft of Gowanus Mix. The development will make 25 percent of its apartments affordable. Domain, which is scheduled to be completed in December 2024 and is aiming for LEED Gold certification, has set a completion date of December 2024.
The development is located adjacent to the historic Carroll Street Bridge and across the Gowanus Canal, from the only portion of waterfront promenade completed that will eventually stretch the entire length of the canal.
The development is located in a Qualified Opportunity Zone, near highly-ranked schools and Smith Street retail corridor. It will be one of the first developments to rise in Gowanus since 82 blocks were rezoned in Gowanus last year. This was done to meet the demand for permanent affordable homes in a neighborhood that has strong transit access.
The site is located four blocks away from the Carroll Street station on the F and G line, and four stops via the F-line from Manhattan. The site is located three blocks away from Union Street Station, which serves the D and R line and one stop away from Atlantic Terminal. It is easy to reach Manhattan by car via the Brooklyn Bridge and Battery Tunnel.
The JLL team that represented the borrower consisted of Senior Managing Director Christopher Peck and Director Nicco Lupo. Senior Managing Directors Jeff Julien, Rob Hinckley and Associate Jonathan Faxon were also on board.
Matt Schwartz, Domain Companies stated that “we could not be happier about the team we’ve assembled to advance this project and deliver much-needed mixed-income housing for New York City.” We are very optimistic about the future and we are thrilled to be a part of Gowanus.
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