The Domain Companies announced it has closed on a $205 million refinancing for 420 Carroll Street, the first project completed under the 2021 Gowanus rezoning.
The development comprises 360 mixed-income apartments, 27,000 square feet of commercial space and a 470-foot-long public promenade along the canal. JLL and Newmark arranged the financing and an affiliate of AllianceBernstein L.P. provided the bridge takeout loan.
“This new financing package demonstrates the success of 420 Carroll, a state-of-the-art project that delivered hundreds of much-needed homes, new opportunities for retail and beautiful public outdoor space to Gowanus,” said Matt Schwartz, Co-CEO of The Domain Companies. “It also represents a vote of confidence in the project, underscoring the demand we’ve seen during the lease-up of the building. We thank our partners at Silverstein, Cantor Fitzgerald L.P., and AllianceBernstein and we look forward to continuing to grow the vibrant community at 420 Carroll.”
Located on the Gowanus Canal waterfront, 420 Carroll comprises 360 mixed-income apartments, 90 of which are designated as affordable for individuals and families earning between 40 and 100 percent of the area median income. The development features a 21-story tower and an adjacent 16-story tower connected by a subterranean tunnel, allowing residents to access amenities in both buildings. 420 Carroll includes over 27,000 square feet of ground floor retail space, with pottery studio Hey Clay and grocery store Gowanus Marketplace opening this summer.
420 Carroll combines a breadth of premier amenities with a unique approach to design that honors the neighborhood’s rich cultural and artistic character. Residential amenities include a lounge, multiple outdoor greenspaces including a 470-foot-long waterfront park, public plaza, sundeck and BBQ and dining areas. The building features a fully-equipped fitness center with space for yoga and crossfit, a demonstration kitchen, a children’s playroom, media and game rooms, onsite bike storage, and the MyDomain suite of resident services offered at all Domain properties. Residents also have access to “The Shop,” Domain’s third location offering 14,000 square feet of coworking in addition to several affordable art studios made possible through Arts Gowanus and the Gowanus Mix uses encouraged by the rezoning.
The Domain Companies leads the development of the 420 Carroll Street property in partnership with affiliates of Cantor Fitzgerald, L.P., a leading global financial services firm and real estate investment company; Silverstein Properties, a leading global full-service real estate development, investment, and management firm; and VOREA Group, a multifaceted real estate company equipped to perform mid-to-large scale development projects throughout the Tri-State area.
