A joint venture between Domain Cos. and Silverstein Properties have secured a $205 million financing package for 420 Carroll, St., a 360-unit trophy multifamily community in Brooklyn, N.Y. AllianceBernstein provided the bridge take-out loan.
Senior Managing Directors Christopher Peck and Peter Rotchford, together with JLL Senior Director Nicco Lupo worked on behalf of the borrower. The new financing agreement will replace a prior $176 million construction loan issued by Bank OZK in 2022.
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Comprising a 16-story East building and a 21-story West building, 420 Carroll St. is the first multifamily property built under the 2021 Gowanus rezoning in Brooklyn. Floorplans include studios and one- to three-bedroom units, 25 percent of which are affordable.
Units include open layouts with plank wood flooring, kitchens with quartz countertops, custom cabinetry and Energy Star appliances, bathrooms with soaking tubs, Bosch washers and driers, walk-in closets and private terraces. Additionally, the residences at 420 Carroll St. are equipped with Dwelo Smart Home systems and voice-enabled Samsung Ranges.
Directly connected to the Gowanus Canal promenade and close to multiple subway stations, 420 Carroll St. is 4 miles from Lower Manhattan, 12 miles from Upper East Side and 24 miles from John F. Kennedy International Airport.
A wide array of features
The two-building property features a mix of indoor and outdoor amenity offerings. Indoor amenities include a clubroom with a library, fitness center with yoga studios, a lobby with an art gallery, a children’s playroom, demo kitchen with private dining, a media and game room as well as bike and cold storage.
The outdoor amenities at 420 Carroll St. include a waterfront park, a landscaped terrace, barbecue and dining spaces, a sundeck with sofas and a rooftop terrace with a garden space. The property also includes 12,000 square feet of ground-level retail space and 14,700 square feet of second-floor commercial space, including The Shop, a coworking and meeting space for residents and local artisans.
Gowanus projects in the making
Gowanus has remains a nesting ground for nine-figure multifamily development projects. Earlier this week, Sky Equity Group secured a $340 million loan for 313 Bond, a 603-unit Class A community set to include 51,600 square feet of retail space. Affinius Capital provided the loan.
Elsewhere along the Gowanus Canal, a joint venture between MacArthur Holdings and Tankhouse landed $123 million for Anagram Gowanus, a development that will include 158 apartments across 20 stories, with 40 units reserved for affordable housing.
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