NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announces financing totaling $38 million for the acquisition of 420 Carroll Street in Brooklyn, New York.
The HFF team worked on behalf of the borrower, The Domain Companies, to arrange a $25 million floating-rate bank loan. The team also arranged a $13 million mezzanine loan on the borrower’s behalf through Sherwood Equities. Loan proceeds were used to facilitate the acquisition of the fee simple interest in the property and pre-development costs.
420 Carroll Street is situated adjacent to the Gowanus Canal at the crossroads of the Gowanus and Carroll Gardens neighborhoods. The property is less than a half mile from the Union Street and Carroll Street subway stations and a five-minute walk to Whole Foods Market. The 1.5-acre site is expected to house a future mixed-income, mixed-use development project.
HFF’s debt placement team included managing director Christopher Peck, senior director Peter Rotchford and associate Scott Findlay.
"We have been working with The Domain Companies for several years, and it has been a privilege to watch them continue to grow a best-in-class development business,” Peck said. “Sherwood Equities’ lending platform was a perfect match for the project given their appetite for pre-construction New York land loans and comfort with the rezoning of the property.”
About The Domain Companies: Founded in 2004, The Domain Companies is based in New Orleans and New York and specializes in the development and management of unique, mixed-use properties in core urban locations. Domain creates high-quality properties that stand apart through innovative design and exceptional management, enhancing the communities in which they build. Domain’s projects include the new construction and preservation of affordable, mixed-income and luxury housing; the acquisition and repositioning of distressed housing; historic restoration; brownfield redevelopment; seniors and special needs housing; and hospitality, retail and commercial development. thedomaincos.com | @domaincos
About Sherwood Equities: Sherwood Equities is a privately held New York real estate investment and development company. While best known for its foresight into emerging areas and development and ownership of iconic New York buildings, including 2 Times Square, 1600 Broadway and 500 West 21st Street, Sherwood also has an active investment and lending platform allowing the company to invest across the capital stack. Recent activity has included a preferred equity investment in a Fort Green condominium and equity investments in a ground-up condominium at 10 West 17th Street and Noho and East Village dormitory residences. sherwoodequities.com
About HFF: HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.