Bank OZK funds $176m Gowanus multifamily construction loan

Sponsor Domain Companies is taking advantage of new zoning in the gentrifying Brooklyn neighborhood.

Bank OZK this week originated a $176 million loan on behalf of Domain Companies for the development of 420 Carroll Street, a planned class A, mixed-use apartment development in a recently rezoned section of Gowanus, Brooklyn.  

The loan, which was arranged by JLL, will go toward the construction of a nearly $300 million luxury apartment complex in what was once an industrial part of Brooklyn. The area was rezoned to accommodate more affordable housing, and 25 percent of the development’s 360 units will be set aside for lower- and middle-income residents. 

In another sign of New York City’s burgeoning interest in mixed-use development, over 27,000 square feet of 420 Carrol Street will be for retail businesses. Domain is bullish on the future of Gowanus and looks forward to bringing the project online, said Domain co-CEO Matt Schwartz. 

 The ground-up project is scheduled to be completed in December 2024.