News: Brokerage

Domain, Silverstein JV lands $205 million financing deal for 420 Carroll St.

Brooklyn, NY JLL Capital Markets has closed on a $205 million financing for 420 Carroll St., the first multi-housing property completed under the 2021 Gowanus rezoning aimed at adding hundreds of new apartments.

JLL arranged the bridge take-out loan on behalf of Domain Companies and Silverstein Properties, the joint venture partnership that developed the 360-unit trophy property. Global investment manager AllianceBernstein L.P. provided the financing.

Situated at the 1st St. Turning Basin with Gowanus Canal access on two sides, 420 Carroll St. comprises an east building and a west building that are 16 stories and 21 stories tall, respectively. It has a blend of 35 studios, 150 one-, 64 two- and 20 three-bedrooms, 25% of which are affordable. The property also has 12,000 s/f of ground floor retail space, as well as 14,700 s/f of second floor commercial space that houses The Shop, a unique, community-focused coworking space that includes maker space for local artisans and creatives to accommodate the Gowanus Mix uses encouraged by the rezoning.

Building amenities include a 24/7 attended lobby, resident clubroom and library, media and game room, demo kitchen with private dining, fitness, yoga and CrossFit center, waterfront park, landscaped amenity terrace, shaded BBQ and dining areas, sundeck with chaise lounges, rooftop sun terrace and garden, bike and cold storage.

The JLL Debt Advisory team that arranged the loan included senior managing directors Christopher Peck and Peter Rotchford and senior director Nicco Lupo.

"Working with such elite development partners made this financing exceptionally smooth," said Peck. "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."

The first residents started moving into 420 Carroll St. in February and the property has enjoyed strong leasing volume. The building’s convenient access to multiple neighborhood amenities, including the Whole Foods Market and two subway stations that provide access across Brooklyn and Manhattan, appeal to neighborhood demographics that trend towards young professionals, dual income couples and well-educated high earners.

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