Key Takeaways
- • JLL's Capital Markets group arranged a $370 million three-year bridge refinancing for Society Brooklyn, a 517-unit dual-tower residential development in Brooklyn's Gowanus neighborhood, with financing provided by Brookfield Asset Management.
- • Society Brooklyn comprises 455,666 square feet across two towers with a 74% market-rate to 26% affordable unit split (385 market-rate and 132 affordable apartments), plus 57,288 square feet of retail and commercial space, positioned to capture demand for family-sized housing with nearly 40% of units designed as two- or three-bedroom apartments.
- • The property, located at 500 Degraw Street and 504 Sackett Street at the intersection of Gowanus, Carroll Gardens, and Park Slope neighborhoods, leverages waterfront positioning along the Gowanus Canal with direct esplanade access and Manhattan skyline views.
- • The refinancing reflects continued institutional capital appetite for stabilized multifamily assets in Brooklyn as the Gowanus neighborhood attracts significant development momentum, having attracted over $7.8 billion in private investment alongside public infrastructure funding following comprehensive rezoning initiatives.
- • Borrowers Property Markets Group and The Carlyle Group secured the financing for a luxury development offering premium amenities including fitness centers, multiple pool decks, rooftop terraces, coworking spaces, and in-unit laundry across individual residences with high-end finishes.
Summary
JLL's Capital Markets group closed a $370 million refinancing for Society Brooklyn on March 17, 2026, arranging bridge financing from Brookfield Asset Management for the dual-tower residential complex in Brooklyn's Gowanus neighborhood. The three-year loan structure supports the project sponsored by Property Markets Group and The Carlyle Group, two established real estate development platforms with complementary track records in urban multifamily development.
Society Brooklyn represents a significant mixed-use asset comprising 517 residential units across two towers totaling 455,666 square feet of rentable residential space, complemented by 57,288 square feet of retail and commercial space. The unit mix reflects strategic positioning for family-oriented housing demand, with nearly 40% of units configured as two- and three-bedroom apartments. The property maintains a 74% market-rate to 26% affordable housing ratio, with 385 market-rate units and 132 affordable apartments, balancing commercial returns with community-serving affordability objectives.
Geographically, the development occupies premium waterfront positioning along the Gowanus Canal at 500 Degraw Street and 504 Sackett Street, at the confluence of Gowanus, Carroll Gardens, and Park Slope neighborhoods. This location provides direct access to the Gowanus waterfront esplanade and elevated vistas of Manhattan and Brooklyn skylines. The property's comprehensive amenity package includes fitness centers, yoga studios, screening rooms, coworking spaces, rooftop terraces, multiple pool decks with barbecue facilities, pet washing stations, bicycle storage, and on-site parking, with individual units featuring premium finishes including custom white and black oak cabinetry, Caesarstone countertops, stainless steel appliances, in-unit laundry, and private outdoor space in select units.
The refinancing reflects broader capital market confidence in the Gowanus neighborhood's development trajectory. The area has attracted over $7.8 billion in private investment alongside substantial public infrastructure funding following comprehensive rezoning initiatives, establishing the waterfront district as a primary destination for institutional multifamily capital deployment in Brooklyn's ongoing residential transformation.
Society Brooklyn represents a significant mixed-use asset comprising 517 residential units across two towers totaling 455,666 square feet of rentable residential space, complemented by 57,288 square feet of retail and commercial space. The unit mix reflects strategic positioning for family-oriented housing demand, with nearly 40% of units configured as two- and three-bedroom apartments. The property maintains a 74% market-rate to 26% affordable housing ratio, with 385 market-rate units and 132 affordable apartments, balancing commercial returns with community-serving affordability objectives.
Geographically, the development occupies premium waterfront positioning along the Gowanus Canal at 500 Degraw Street and 504 Sackett Street, at the confluence of Gowanus, Carroll Gardens, and Park Slope neighborhoods. This location provides direct access to the Gowanus waterfront esplanade and elevated vistas of Manhattan and Brooklyn skylines. The property's comprehensive amenity package includes fitness centers, yoga studios, screening rooms, coworking spaces, rooftop terraces, multiple pool decks with barbecue facilities, pet washing stations, bicycle storage, and on-site parking, with individual units featuring premium finishes including custom white and black oak cabinetry, Caesarstone countertops, stainless steel appliances, in-unit laundry, and private outdoor space in select units.
The refinancing reflects broader capital market confidence in the Gowanus neighborhood's development trajectory. The area has attracted over $7.8 billion in private investment alongside substantial public infrastructure funding following comprehensive rezoning initiatives, establishing the waterfront district as a primary destination for institutional multifamily capital deployment in Brooklyn's ongoing residential transformation.
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