JLL Secures $370 Million Bridge Loan for 517-Unit Society Brooklyn Development
JLL arranged a $370 million, three-year bridge loan from Brookfield Asset Management to refinance Society Brooklyn, a 517-unit, two-tower residential development co-sponsored by Property Markets Group and Carlyle Group. The 455,666 sq ft project features 385 market-rate and 132 affordable units plus 57,288 sq ft of retail space.
1. Financing Details
JLL Capital Markets arranged a $370 million, three-year bridge loan from Brookfield Asset Management to refinance Society Brooklyn, positioning the development with favorable short-term debt and sponsorship by Property Markets Group and Carlyle Group.
2. Project Overview
Society Brooklyn comprises two residential towers totaling 455,666 sq ft and 517 units—385 market-rate and 132 affordable—along with 57,288 sq ft of retail and commercial space, family-sized two- and three-bedroom layouts, and luxury amenities.
3. Carlyle's Role
Carlyle Group co-sponsored the project, adding a strategically located waterfront asset to its real estate credit portfolio and reinforcing its focus on high-demand urban residential developments.
4. Market Context
The Gowanus neighborhood has attracted over $7.8 billion in private investment following rezoning, with enhanced transit links delivering Manhattan access under 15 minutes and fueling demand for waterfront, family-oriented housing.