BROOKLYN, NY–Domain Companies, in partnership with Vorea Group and Mega Development, secured a $140 million loan to Majestica Class A mixed-use development with 255 multi-unit housing units and 18,000 square feet of retail space, located at 540 DeGraw St. in the rezoned Gowanus neighborhood of Brooklyn.
Scheduled to be completed in 2025, the 12-story mid-rise building will allocate 25% of apartments at affordable prices. Domain is aiming for a LEED Platinum certification for the property and is working on a partnership with Arts Gowanus to provide dedicated studio space for local artists.
Majestic will rise on an indoor site adjacent to Thomas Greene Park, the area’s only large public park and community pool. As part of an administrative settlement with the EPA, National Grid is rehabilitating the western two-thirds of Thomas Greene Park, and additional park improvements will include an expanded swimming pool and pool house, playground, green spaces and sports facilities.
Located in an area of qualified opportunity close to schools and the Smith Street commercial corridor, the development will be among the first to rise since 82 blocks of Gowanus were rezoned last year to meet demand for affordable housing permanent in a neighborhood with good access to public transport.
The site is six blocks from the Carroll Street subway station, served by the F and G lines, and four stops from Manhattan via the F line. It is also four blocks from Union Street Station, served by lines D and R, and one stop from the Atlantic terminal. By car, it is accessible to Manhattan via the Brooklyn Bridge or the Battery Tunnel.
The loan was guaranteed by JLL, through US Bank. The project team includes Handel Architects with landscaping by FutureGeeen. The total capitalization of the project is 230 million dollars.