Dealmaker: JLL Secures $370M Refinancing for Society Brooklyn in New York

(Illustration courtesy of JLL Capital Markets)

JLL’s Capital Markets group arranged a $370 million refinancing for Society Brooklyn, a 517-unit, two-tower property along the Gowanus Canal in Brooklyn’s Gowanus neighborhood.

JLL represented the borrowers, Property Markets Group and The Carlyle Group, to secure the three-year bridge loan from Brookfield Asset Management.

Society Brooklyn includes two towers totaling 455,666 rentable square feet. Its units include 385 market-rate and 132 affordable apartments, with nearly 40 percent of units designed as two- and three-bedroom apartments.

The property also includes 57,280 square feet of retail and commercial space.

Located at 500 Degraw Street and 504 Sackett Street, Society Brooklyn sits along the Gowanus Canal at the intersection of the Gowanus, Carroll Gardens and Park Slope neighborhoods. Residents can see the Manhattan skyline and Brooklyn views and have direct access to the Gowanus waterfront esplanade.

The Gowanus area is transforming following comprehensive rezoning initiatives. The neighborhood has attracted more than $7.8 billion in private investment alongside substantial public infrastructure funding. Multiple subway connections provide residents with Manhattan access in under 15 minutes.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Christopher Peck and Peter Rotchford and Senior Director Nicco Lupo.

“Society Brooklyn demonstrates the caliber of development that’s defining the new Gowanus,” Peck noted.