JLL secures $370M refinancing for Society Brooklyn in Gowanus

Executive Summary

• JLL Capital Markets arranged a $370 million, three‑year bridge loan for the Society Brooklyn residential development.
• The loan was provided by Brookfield Asset Management on behalf of borrowers Property Markets Group and The Carlyle Group.
• The financing supports a 517‑unit, waterfront mixed‑use project in Brooklyn’s Gowanus neighborhood, featuring 385 market‑rate and 132 affordable apartments plus retail space.

Key Details

• Loan Amount: $370 million bridge loan.
• Term: Three years.
• Lender: Brookfield Asset Management.
• Borrowers: Property Markets Group and The Carlyle Group.
• Project Description: Society Brooklyn – two towers, 455,666 sq ft of rentable space, 517 residential units (385 market‑rate, 132 affordable), 57,288 sq ft retail/commercial space. Approximately 40% of units are two‑ and three‑bedroom family‑size apartments.
• Location: 500 Degraw St. & 504 Sackett St., Brooklyn, NY – waterfront along the Gowanus Canal.
• Use of Proceeds: To refinance existing debt on the development and support ongoing construction/operations of the mixed‑use project.
• JLL Representation: Senior Managing Directors Christopher Peck and Peter Rotchford; Senior Director Nicco Lupo led the Debt Advisory team for the borrower.
• Market Context: Gowanus area has attracted > $7.8 billion in private investment following rezoning, with strong public infrastructure funding and subway connectivity to Manhattan (< 15 min).

Notable Quotes

• “Society Brooklyn demonstrates the caliber of development that’s defining the new Gowanus,” said Christopher Peck, Senior Managing Director, JLL Capital Markets. “The project’s prime waterfront location, thoughtful design and strong sponsorship team position it as a standout asset in Brooklyn’s evolving residential landscape.”