JLL Capital Markets has arranged $176 million in construction financing for 420 Carroll St., a ground-up development of a 360-unit, Class A multi-housing property in the rezoned Gowanus neighborhood of Brooklyn, New York.
The total capitalization of the project is $295 million. JLL worked on behalf of the borrower, Domain Companies, to secure the loan through Bank OZK. JLL also advised on the limited partner joint venture that closed in January. The partnership also includes Vorea Group, the construction manager. The general contractor is Mega Development, with designs from architects, FX Collaborative and Studio Mainer.
Situated on the waterfront at the 1st Street turning basin, the development will comprise a 20-story high-rise tower and an adjacent 15-story high-rise tower and will have a direct connection to the Gowanus Canal promenade. The community will include approximately 27,500 square feet of commercial and retail space, including about 7,700 square feet of Gowanus Mix space. The development will allocate 25% of the apartments as affordable.
Located in a Qualified Opportunity Zone near highly ranked schools and the Smith Street retail corridor, the development will be among the first to rise since 82-blocks of Gowanus were rezoned last year to accommodate demand for permanent affordable housing in a neighborhood with strong transit access. Domain is targeting a LEED Gold certification for the property, which is scheduled for completion in December 2024.
