Holliday Fenoglio Fowler, L.P. (HFF) announced financing totaling $38 million for the acquisition of 420 Carroll Street in Brooklyn.
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.
