**JV Secures $205M Takeout Loan for First Project of 2021 Gowanus Rezoning**
The Domain Companies announced the successful close of a $205 million refinancing deal for 420 Carroll, the first residential project completed under the 2021 Gowanus rezoning initiative. The development, located in Brooklyn, marks a major step in the transformation of the neighborhood, delivering a modern residential building with 360 units.
The financing was arranged by a team from JLL, including senior managing directors Christopher Peck and Peter Rotchford and senior director Nicco Lupo. The bridge take-out loan was secured on behalf of The Domain Companies and their joint venture partner, Silverstein Properties. AllianceBernstein L.P. served as the lender.
“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.
Christopher Peck commented on the deal’s broader impact, stating, “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 project exemplifies the potential of the 2021 rezoning plan to revitalize Gowanus through sustainable growth and new housing opportunities.
