Carlyle Group JV Lands $370M Refi for Brooklyn Community
The property opened in May 2025.
A joint venture between The Carlyle Group and Property Markets Group has secured a $370 million bridge loan for the 517-unit Society Brooklyn, a two-tower community in Brooklyn’s Gowanus neighborhood. Brookfield Asset Management issued the three-year refinancing note, in a transaction arranged by JLL Capital Markets.
Society Brooklyn opened in May last year at 500 Degraw St. and 504 Sackett St., along the Gowanus Canal. Rising 21 stories, the towers consist of 455,666 square feet of rentable residential space, as well as 57,288 square feet of retail and commercial space. Amenities include fitness centers, yoga studios, coworking spaces, rooftop terraces, pool decks with swimming pools, pet washing stations, bicycle storage and on-site parking.
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The community encloses 385 market-rate units and 132 apartments designated as affordable. The residences have studio, one-, two- and three-bedroom layouts ranging from 481 to 1,220 square feet.
JLL Capital Markets Senior Managing Directors Christopher Peck and Peter Rotchford, together with Senior Director Nicco Lupo, led the debt advisory team that arranged the refinancing on behalf of the borrower.
U.S. Multifamily absorption sparks mixed signals
Multifamily loan originations rose 22 percent year-over-year at the end of 2025, according to a Mortgage Bankers Association report, in line with multifamily market predictions that point to improving capital markets conditions. On a quarterly basis, originations increased 17 percent in the fourth quarter.
Among recent multifamily refinancing deals in Brooklyn are Mordechai Piller’s $90 million loan for One Nine Rockwell, a 27-story, 174-unit property, as well as Charney Cos.’ $125.5 million note for Union Channel, a 224-unit mixed-income community.
