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Brookfield funds bridge loan for 517-unit waterfront property
JLL's Capital Markets group announced today that it has arranged a $370 million refinancing for Society Brooklyn, a premier 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. 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," 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."
JLL Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
About Property Markets Group
Property Markets Group, founded in 1991, is a national real estate development firm with over $8 billion in developed projects comprising more than 11,000 residential units.
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $474 billion of assets under management as of September 30, 2025, Carlyle's purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,400 people in 27 offices across four continents. Further information is available at carlyle.com. Follow Carlyle on LinkedIn at The Carlyle Group and on X at @OneCarlyle.
About Brookfield Asset Management
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management across infrastructure, energy, private equity, real estate, and credit. We invest client capital for the long term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield's heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles. For more information, please visit brookfield.com.
About JLL
JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.
Contact: Gréta Kieras, Senior Associate, Public Relations
Phone: +1 949 930 8498
Email: greta.kieras@jll.com
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SOURCE JLL
