Carlyle, Property Markets Group Land $520M for Brooklyn Project

Sackett Place and Society Brooklyn. Image courtesy of JLL

The Carlyle Group and Property Markets Group have obtained $520 million in financing backing the development of a mixed-use community in Brooklyn’s Carroll Gardens neighborhood. The community will be comprised of two 21-story luxury waterfront towers.

The buildings, Sackett Place and Society Brooklyn, are under construction and will feature a total of 517 residences and 10,000 square feet of retail space. JLL arranged the financing, which comprised a $335 million construction loan and $165 million in LP equity.

Located at 267 Bond Street and 510 Sackett Street, the towers are prominently positioned at the intersection of Bond and Union Street overlooking the Gowanus Canal. The property is situated four blocks from the Carroll Street and Union Street subway stations. Manhattan is less than 15 minutes away from those stops via subway. Downtown Brooklyn is located about a mile from the property.

The residential community is a component of the Gowanus rezoning initiative for permanent affordable housing. JLL’s Capital Markets Advisory Team was overseen by Senior Managing Directors Christopher Peck, Rob Hinckley, Jeff Julien and Andrew Scandalios, Managing Director Peter Rotchford, Director Nicco Lupo and Vice President Jonathan Faxon. The development is scheduled to be online in 2025.

In prepared remarks, a JLL official observed that including an affordable component is good sense for lenders attempting to put equity to work in extremely fractured markets.

In March, JLL was chosen to manage the residential portion of The Plaza Coral Gables near Miami, Fla.