HFF arranges $38m loan for Brooklyn mixed-use development

The Domain Companies has locked up a total of $38 million in financing for the purchase of 420 Carroll Street in Brooklyn, New York. Holliday Fenoglio Fowler arranged a $25 million floating-rate bank loan along with a $13 million mezzanine loan through Sherwood Equities. Loan proceeds will be used to facilitate the acquisition of the fee simple interest in the property and pre-development costs of the asset. Built in 1925 on a 1.5 acre site, the 52,047 square foot building is to be redeveloped as a 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.”