JLL Secures $520 Million for Luxury Waterfront Development in Brooklyn
JLL’s Capital Markets group announced a major milestone today, revealing that it has successfully secured $520 million in capitalization for the development of Sackett Place and Society Brooklyn. This ambitious project, helmed by Property Markets Group (PMG) and Carlyle, is a two-tower, 21-story luxury waterfront mixed-use community located in the vibrant neighborhood of Gowanus in Brooklyn. The development will feature 517 multi-housing units and 10,000 square feet of retail space.
JLL played a pivotal role in arranging the financing for the borrower, a joint venture between PMG and Carlyle. They secured a $335 million construction loan as well as $165 million in LP equity, enabling the project to move forward.
Sackett Place and Society Brooklyn will be situated at 267 Bond St. and 510 Sackett St. The towers boast a prime location at the corner of Bond and Union Streets, offering stunning views of the Gowanus Canal. Nestled within the Carroll Gardens neighborhood, the site enjoys excellent connectivity, as it is only four blocks away from the Carroll Street Subway Station and Union Street Station. Commuters can reach Manhattan in under 15 minutes, making it a desirable destination for city dwellers. Additionally, the development is less than one mile from Smith Street, Atlantic Avenue, and Bergen Street, renowned for their high-end retailers, financial institutions, and renowned dining establishments. Furthermore, Sackett Place and Society Brooklyn are part of the Gowanus rezoning initiative, demonstrating a commitment to providing permanently affordable housing options.
JLL’s Capital Markets Advisory Team, led by Senior Managing Directors Christopher Peck and Andrew Scandalios, played a crucial role in orchestrating the financing. They were supported by Managing Director Peter Rotchford, Director Nicco Lupo, Senior Managing Directors Rob Hinckley and Jeff Julien, and Vice President Jonathan Faxon.
Christopher Peck expressed his enthusiasm for the project, stating, “Developments with an affordable component continue to attract lenders seeking to invest in a highly competitive market. With its exceptional sponsors and strong fundamentals, 267 Bond St. / 510 Sackett St. represents the type of mixed-use venture that remains highly appealing to investors, and we are thrilled to have successfully completed this transaction.”
JLL’s Capital Markets group is a global provider of comprehensive capital solutions for real estate investors and occupiers. The firm’s extensive knowledge of local markets and global investor trends allows them to deliver best-in-class solutions to clients, ranging from investment and sales advisory to debt and equity advisory services, as well as recapitalizations. With over 3,000 Capital Markets specialists worldwide and offices in nearly 50 countries, JLL continues to be at the forefront of real estate financing and investment.
