JLL’s Capital Markets team has secured a $370 million refinancing for Society Brooklyn, a residential development in Brooklyn’s Gowanus neighborhood. The financing was arranged on behalf of developers Property Markets Group and The Carlyle Group. The loan was provided by Brookfield Asset Management and is structured as a three-year bridge loan.
Brookfield Funds $370M Loan for Society Brooklyn Project
JLL’s Capital Markets team has secured a $370 million refinancing loan for Society Brooklyn, a 517-unit, two-tower residential project in Gowanus.
Located at 500 Degraw Street and 504 Sackett Street, the project includes more than 455,000 square feet of residential space. The project also includes 57,000 square feet of retail and commercial space.
It features 517 apartments, of which 385 are market-rate, and 132 are set aside as affordable housing. Nearly 40 percent of the apartments are two- and three-bedroom units, catering to the demand for larger homes.
JLL worked on behalf of the developers, Property Markets Group and The Carlyle Group, to arrange the financing.
According to a PR Newswire report, the firm secured the three-year bridge loan from Brookfield Asset Management. JLL’s Debt Advisory team, led by Christopher Peck, Peter Rotchford, and Nicco Lupo, represented the borrower.
Modern Living Meets Convenience in Gowanus Development
The property offers a wide range of amenities like fitness centers, rooftop terraces, coworking spaces, and more. Additional features include modern apartment finishes and on-site parking.
Its prime location near Carroll Gardens and Park Slope provides waterfront and Manhattan skyline views.
In the report, JLL Senior Managing Director Christopher Peck said, “The project’s prime waterfront location, thoughtful design, and strong sponsorship team position it as a standout asset in Brooklyn’s evolving residential landscape.”
JLL is an international commercial real estate investment firm and provides advisory, leasing, and capital markets services.
Brookfield Asset Management is one of the world’s largest alternative asset managers. It has a strong presence in real estate and infrastructure financing.
The refinancing of Society Brooklyn marks a significant development milestone for Brooklyn’s Gowanus neighborhood.
