JLL’s Capital Markets team has arranged a $370 million refinancing for Society Brooklyn, a two-tower multifamily complex situated along the Gowanus Canal in Brooklyn’s Gowanus neighborhood. The loan recapitalizes a large-scale residential community at a time when the surrounding area is undergoing significant change following recent rezoning initiatives.
The borrowers, Property Markets Group and The Carlyle Group, engaged JLL to secure the new debt package. Senior managing directors Christopher Peck and Peter Rotchford, together with senior director Nicco Lupo, led the assignment on behalf of the sponsorship. According to JLL, the financing was structured as a three-year bridge loan provided by Brookfield Asset Management.
Society Brooklyn is located at 500 Degraw St. and 504 Sackett St., occupying a prominent waterfront position along the canal. The property is configured as a pair of complementary residential towers that together contain 455,666 square feet of rentable space. In total, the development delivers 517 apartments to the Gowanus market.
The residential mix includes both market-rate and income-restricted housing. Of the 517 apartments, 385 units are designated as market-rate, while 132 units are set aside as affordable housing. This blend of unit types positions the property to serve a broad range of residents within an evolving Brooklyn neighborhood.
In addition to its residential component, Society Brooklyn incorporates a meaningful commercial element. The project includes 57,288 square feet of retail and commercial space, adding a mixed-use dimension that supports on-site activation and neighborhood-serving uses along the canal-front corridor.
JLL framed the refinancing within the context of Gowanus’s broader transformation, noting that the neighborhood is experiencing a dramatic shift after comprehensive rezoning. The firm highlighted Society Brooklyn as an example of the type of modern development emerging in the submarket. Christopher Peck cited the property’s waterfront location, design approach and sponsorship as factors that help distinguish the asset within Brooklyn’s competitive residential landscape.
By securing a sizable bridge loan for Society Brooklyn, the sponsors gain additional term and capital flexibility as the Gowanus neighborhood continues to mature under the new zoning framework. The transaction underscores ongoing lender interest in well-positioned multifamily assets in Brooklyn, particularly those backed by institutional sponsors and located within high-visibility redevelopment corridors.
