Domain companies landed $ 205 million to refinance its 300-plus apartment complex in Gowanus.
Alliancebernstein granted the financing, which replaces $ 176 million in loans issued by Bank OZK in 2022.
The project with two building at 420 Carroll Street comprises 360 apartments, 90 of which are affordable and 27,000 square feet of commercial space.
Matt Schwartz, Co-CEO of Domain, said in a statement that the refinancing, arranged by JLL and Newmark, “represents a voice of confidence in the project, whereby the requirement we saw underlines during the lease of the building.” According to the developers, the building is rented out more than 60 percent.
The buildings are the first completed project in Gowanus that benefited from a re -use in 2021, which was expected to add more than 8,000 new apartments to the Brooklyn neighborhood for more than 10 years. The re -use was trapped in the sights of the debate on the future of the 421A real estate tax, which went in June 2022. Developers who hope to take advantage of the program that had to be based on the basis of foundation feet and then had to race to meet a 2026 deadline to complete the construction.
At some point Gov. created Kathy Hochul A solution for 18 projects in Gowanus, including the development of Carroll Street, to receive tax benefits that mimic the deficiency program. The alternative was ultimately not necessary because the state legislator expanded the Bouwdeadline until June 2031 as part of the State Budget of 2024.
Domain bought The site in 2018 for $ 47.5 million from the Property Markets Group. Vorea Group, Silverstein Properties and Affiliates or Cantor Fitzgerald are also partners in the project.
In the neighborhood, Sky Equity Group received a loan of $ 340 million this week to refinance its 603 unit, mixed user project in 313 Bond Street. In April, Charney Companies and Tavros landed $ 145 million in acquisition and pre-development financing for their 1,000-unit rental building on 175 Third Avenue.
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Domain lands $ 176 million for 360 unit Gowanus project
Companies submit plans for hundreds of houses for Gowanus re -use
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