Carlyle and Property Markets Group secure $520M for Brooklyn Project

The property is due to be online by 2025 and will look out over the Gowanus Canal.

The Carlyle Group, and Property Markets Group secured $520 million to finance the development of an mixed-use neighborhood in Brooklyn’s Carroll Gardens. Two 21-story waterfront luxury towers will make up the community.

Sackett Place, and Society Brooklyn are currently under construction. They will contain 517 residential units and 10,000 square foot of retail space. JLL arranged financing consisting of a $335m construction loan and $165m in LP equity.

The towers at 267 Bond Street, 510 Sackett Street are located at the intersection between Bond Street and Union Street. They overlook the Gowanus Canal. The property is located four blocks away from the Union Street and Carroll Street subway stations. Manhattan is only 15 minutes away by subway. Downtown Brooklyn is about a mile away.

The residential community was created as part of the Gowanus Rezoning Initiative for Permanent Affordable Housing. The Capital Markets Advisory Team at JLL was led by Senior Managing Director Christopher Peck and Rob Hinckley. Managing Director Peter Rotchford and Director Nicco Lupo were also involved. Vice President Jonathan Faxon served as the team’s vice president. The development will be completed in 2025.

A JLL official stated in prepared remarks that it makes sense to include an affordable component for lenders who are trying to use equity in markets with extreme fragmentation.

JLL has been selected to manage The Plaza Coral Gables, a residential development near Miami, Fla., in March.