Domain Companies signs $218.6M loan with JLL for 544 units in Mott Haven

Domain Companies through the entity 414 Gerard Owner LLC as borrower signed a refi loan with lender JLL through the entity JLL Real Estate Capital, LLC valued at $218.6 million for two residential elevator properties with 544 residential units including the 338-unit residential elevator building (D7) at 445 Gerard Avenue in Mott Haven, Bronx and 206-unit residential elevator building (D7) at 414 Gerard Avenue in Mott Haven, Bronx.
The deal closed on December 30, 2024 and was recorded on January 7, 2025. The two properties have 605,695 square feet of built space and 135,745 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $360 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Domain Companies was Matthew Schwartz.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation and $2,250 in OATH penalties in the last year.

Development

On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 449,875 square feet. The largest, 220630137, is a new building project for a 338-unit, 274,073 square-foot R-2 building submitted by Domain Companies and filed by Jared Eatson with plans filed January 4, 2018 and permitted February 9, 2021. The second largest, 220613735, is a new building project for a 206-unit, 175,802 square-foot R-2 building submitted by Domain Companies and filed by Jared Watson with plans filed January 4, 2018 and permitted May 10, 2021.

The block

On the tax block of 414 Gerard Avenue, PincusCo has identified the owners of one of the seven commercial properties representing 236,603 square feet of the 417,729 square feet. The identified owner is Domain Companies.
On the tax block, there was one new building construction project filed totaling 175,802 square feet. It is a 206-unit, 175,802 square-foot residential (R-2) building submitted by Domain Companies and filed by Jared Watson with plans filed January 4, 2018 and permitted April 21, 2021.

The majority, or 57 percent of the 417,729 square feet of built space are elevator buildings, with industrial buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Domain Companies owned at least 12 commercial properties with 923 residential units in New York City with 1,772,271 square feet and a city-determined market value of $19.8 million. (Market value is typically about 50% of actual value.) The portfolio has $192.8 million in debt, with top three lenders as PNC Bank, Carmel Partners, and Fundamental Advisors respectively. Within the portfolio, the bulk, or 97 percent of the 1,772,271 square feet of built space are elevator properties, with industrial properties next occupying 3 percent of the space. The bulk, or 97 percent of the built space, is in Bronx, with Brooklyn next at 3 percent of the space.

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