Domain, Silverstein JV lands $205M financing deal for 420 Carroll St., Gowanus
NEW YORK, Jul. 30, 2025 – JLL Capital Markets announced today it has closed on a $205 million financing for 420 Carroll St., the first multi-housing property completed under the 2021 Gowanus rezoning aimed at adding hundreds of new apartments to the Brooklyn neighborhood.
JLL arranged the bridge take-out loan on behalf of Domain Companies and Silverstein Properties, the joint venture partnership that developed the 360-unit trophy property. Global investment manager AllianceBernstein L.P. provided the financing.
Situated at the 1st St. Turning Basin with Gowanus Canal access on two sides, 420 Carroll St. comprises an east building and a west building that are 16 stories and 21 stories tall, respectively. It has a blend of 35 studios, 150 one-, 64 two- and 20 three-bedrooms, 25% of which are affordable. The property also has 12,000 square feet of ground floor retail space, as well as 14,700 square feet of second floor commercial space that houses The Shop, a unique, community-focused coworking space that includes maker space for local artisans and creatives to accommodate the Gowanus Mix uses encouraged by the rezoning.
Building amenities include a 24/7 attended lobby, resident clubroom and library, media and game room, demo kitchen with private dining, fitness, yoga and CrossFit center, waterfront park, landscaped amenity terrace, shaded BBQ and dining areas, sundeck with chaise lounges, rooftop sun terrace and garden, bike and cold storage.
The JLL Debt Advisory team that arranged the loan included Senior Managing Directors Christopher Peck and Peter Rotchford and Senior Director Nicco Lupo.
"Working with such elite development partners made this financing exceptionally smooth," said Peck. "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 first residents started moving into 420 Carroll St. in February and the property has enjoyed strong leasing volume. The building’s convenient access to multiple neighborhood amenities, including the Whole Foods Market and two subway stations that provide access across Brooklyn and Manhattan, appeal to neighborhood demographics that trend towards young professionals, dual income couples and well-educated high earners.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.