Two-Tower Gowanus Multifamily Complex Refinanced for $370M
JLL’s Capital Markets 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. Senior managing directors Christopher Peck and Peter Rotchford and senior director Nicco Lupo worked on behalf of the borrowers, Property Markets Group and The Carlyle Group, to secure a three-year bridge loan from Brookfield Asset Management.
Located at 500 Degraw St. and 504 Sackett St., Society Brooklyn features two complementary towers spanning 455,666 square feet of rentable space across 517 apartments, including 385 market-rate and 132 affordable units. The development also includes 57,288 square feet of retail and commercial space.
The financing comes as the Gowanus area continues its dramatic transformation following comprehensive rezoning initiatives, according to JLL. “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.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout