Domain Cos. in a partnership with Goldman Sachs Asset Management, Urban Investment Group, Vorea Group and Mega Development, has secured a $142 million construction loan for Majestic, a 255-unit multifamily community in Brooklyn, New York. JLL Capital Markets brokered the transaction and secured the loan through U.S. Bank. Handel Architects and FutureGreen landscaping are also part of the development team.
The Class A property is slated for completion in 2025 and will be LEED Platinum certified. Art Gowanus will be a part of the partnership, aiming to dedicate space for local artists. The project has a total capitalization of $230 million.
Qualified Opportunity Zone
Majestic will be a 12-story building situated in a Qualified Opportunity Zone, and 25 percent of the totaling 255 units will be affordable.
The development site is located at 540 DeGraw St., in the Gowanus neighborhood. The property will be right next to Thomas Greene Playground, and close to interstates 278 and 470. Thomas Greene Park will receive enhancements such as a pool house, an expanded pool, green spaces and sport facilities. New York-Presbyterian Brooklyn Methodist Hospital is only 1.3 miles away from the site. Union Street and Carroll Street subway stations are within a 0.8-mile radius from the site.
Christopher Peck, the senior managing director of JLL, along with Senior Managing Directors Jeff Julien and Rob Hinckley, Director Nicco Lupo and Associate Jonathan Faxon, represented the borrower in the transaction. JLL recently brokered another transaction of $200 million, for a 408-unit luxury multifamily community, in Westchester County, N.Y.