Joint venture partners Domain Companies and Silverstein Properties have landed a $205 million bridge take-out loan for their recently delivered multifamily project in Gowanus, Brooklyn.
This represents the first financing of this type issued in Gowanus, according to JLL, which brokered the deal. AllianceBernstein L.P. provided the funding.
Known as 420 Carroll St., the trophy property features two buildings that consist of a total of 360 units. This breaks down to 35 studios, 150 one-bedroom units, 64 two bedrooms and 20 three bedrooms. Of the total, 25 percent are designated as affordable. The east building stands 16 stories, while the other on the west side totals 21 stories.
Amenities include a game room, a library, a fitness and yoga center, dining areas, a demo kitchen, a club room, a waterfront park, a rooftop sun terrace, cold storage and bike storage. In total, there are 12,000 square feet of retail on the ground level, with 14,700 square feet of commercial space on the second floor. A Whole Foods Market is located nearby, as well as subway stations that provide transportation to Manhattan and throughout Brooklyn.
Move-in for the first round of residents at 420 Carroll started in February. JLL refers to the leasing volume at the site as "strong."
“Working with such elite development partners made this financing exceptionally smooth,” said JLL Senior Managing Director Christopher Peck, who helped arrange the loan.
“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.”
In addition to Domain Companies and Silverstein Properties, other multifamily developers have been targeting Gowanus, as of late. In fact, MacArthur Holdings and Tankhouse recently received $123 million in financing for their 450 Union St development along the Gowanus Canal. Also, Charney Companies and Tavros Capital landed $174.5 million for a mixed-use site at 175 Third St that will contain 1,000 residential units. Once completed, the project, calling for one million square feet in total, will become the largest building in all of Gowanus, according to JLL.
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