JLL Arranges $370M Gowanus Bridge Loan and $1B REIT Credit Facility
JLL Capital Markets arranged a $370M three-year bridge loan from Brookfield for Society Brooklyn, a 517-unit waterfront development with 385 market-rate and 132 affordable apartments plus retail space. JLL Income Property Trust secured a $1B facility—$600M revolver and $400M term loan, expandable to $1.3B, backed by $6.9B in assets.
1. Society Brooklyn Refinancing
JLL Capital Markets group arranged a $370 million three-year bridge loan from Brookfield Asset Management on behalf of Property Markets Group and The Carlyle Group for Society Brooklyn. The waterfront development, located at 500 Degraw St. and 504 Sackett St., features two towers with 517 units—385 market-rate and 132 affordable—and offers retail space alongside amenities like rooftop terraces and pool decks.
2. JLL Income Property Trust Credit Facility
JLL Income Property Trust closed a $1 billion credit facility with ten real estate lenders, including a $600 million revolving line and a $400 million term loan, with capacity to expand to $1.3 billion. The financing supports the REIT’s $6.9 billion portfolio of equity and debt investments and enhances its liquidity for future acquisitions.