JLL Capital Markets announced that it has arranged a $370 million refinancing for Society Brooklyn, a 517-unit, two-tower residential development positioned along the Gowanus Canal in Brooklyn’s Gowanus neighborhood.
JLL worked on behalf of the borrowers, Property Markets Group and The Carlyle Group, to secure the three-year bridge loan from Brookfield Asset Management.
Society Brooklyn features two complementary towers spanning 455,666 square feet of rentable space across 517 units, including 385 market-rate and 132 affordable apartments. The development also includes 57,288 square feet of retail and commercial space to serve residents and the broader community. The property addresses growing demand for family-sized housing with nearly 40 percent of units designed as two- and three-bedroom apartments.
Located at 500 Degraw St. and 504 Sackett St., Society Brooklyn capitalizes on its waterfront positioning along the Gowanus Canal at the intersection of the Gowanus, Carroll Gardens and Park Slope neighborhoods. Residents can enjoy Manhattan skyline and Brooklyn views and direct access to the Gowanus waterfront esplanade.
The luxury development offers extensive amenities, including fitness centers, yoga studios, screening rooms, coworking spaces, rooftop terraces with Manhattan skyline views, multiple pool decks with barbecue areas, pet washing stations, bicycle storage and on-site parking. Individual units feature premium finishes such as custom white and black oak cabinetry, Caesarstone countertops, stainless steel appliances, in-unit laundry and private outdoor space in select residences.
The financing comes as the Gowanus area continues its dramatic transformation following comprehensive rezoning initiatives. The neighborhood has attracted more than $7.8 billion in private investment alongside substantial public infrastructure funding.
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,” said Peck. “The project’s prime waterfront location, thoughtful design and strong sponsorship team position it as a standout asset in Brooklyn’s evolving residential landscape.”
