PMG, Carlyle Secure $370M Refinancing for Society Brooklyn in Gowanus

Property Markets Group and Carlyle Group have secured a $370 million refinancing for Society Brooklyn, a newly completed two-tower residential development along the Gowanus Canal in Brooklyn.

The loan was provided by Brookfield Asset Management and arranged by JLL, replacing prior construction financing and positioning the project for lease-up and stabilization.

517-Unit Waterfront Development

Society Brooklyn consists of two residential towers totaling 517 units across approximately 455,000 square feet, making it one of the larger multifamily developments delivered in Brooklyn in recent years.

The project includes:

• 385 market-rate units and 132 affordable apartments
• 57,000+ square feet of retail and commercial space
• a mix of studio through three-bedroom layouts, with a focus on family-sized units

Located directly along the Gowanus Canal, the development features waterfront access and views, along with proximity to Carroll Gardens, Park Slope, and multiple subway lines.

Amenities include rooftop terraces, multiple pool decks, coworking spaces, fitness centers, and wellness-focused features designed to compete with newer Class A rental product across Brooklyn.

Bridge Financing Supports Lease-Up Strategy

The refinancing is structured as a three-year bridge loan, giving the ownership group time to complete lease-up and stabilize operations before pursuing permanent financing or a potential exit.

Bridge loans have become a common tool in the current capital markets environment, particularly for newly delivered multifamily projects that are still ramping up occupancy.

The financing also follows a complex capital stack assembled during development, which previously included construction financing and equity investment from Carlyle.

Gowanus Emerges as Development Hotspot

The transaction comes as Gowanus continues to transform following a major rezoning that unlocked large-scale residential development along the canal.

The neighborhood has attracted more than $7.8 billion in private investment, along with significant public infrastructure improvements.

Projects like Society Brooklyn are helping reposition the area into a high-density residential corridor, with new waterfront access, retail, and public space integrated into developments.

Final Thoughts

The $370 million refinancing of Society Brooklyn highlights continued lender appetite for large, newly built multifamily assets in high-growth neighborhoods, even as broader capital markets remain selective.

With strong sponsorship, a prime waterfront location, and a lease-up runway, the project represents the type of institutional-quality asset that continues to attract capital in today’s market.

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