Brookfield Asset Management has provided a $370 million bridge loan to the owners of the Society Brooklyn residential development in Brooklyn’s Gowanus neighborhood. The three‑year facility, arranged by JLL’s Capital Markets group, is intended to bridge the gap until the owners secure a new $370 million refinancing from other lenders.
The Society Brooklyn project, which opened in May 2025, consists of two towers with 517 residential units—385 market‑rate and 132 affordable—along with 455,666 rentable square feet of residential space and 57,288 square feet of retail and commercial space. The loan supports the owners, Property Markets Group and The Carlyle Group, in completing the refinancing that will provide long‑term capital for ongoing operations and future development.
Brookfield’s decision to fund the bridge loan reflects its confidence in the Gowanus neighborhood, which has benefited from a recent rezoning that attracted more than $7.8 billion in private investment and significant public infrastructure spending. The loan aligns with Brookfield’s broader strategy of investing in high‑quality real‑asset debt, including infrastructure supercycles and AI‑driven opportunities, and reinforces its role as a key lender for large‑scale residential projects.
The transaction also highlights the continued partnership between Brookfield, Property Markets Group, and The Carlyle Group, both of whom have expanded their presence in New York City real estate. JLL’s involvement as arranger underscores the firm’s active role in structuring financing for major developments, while the bridge loan positions Brookfield to capture a share of the growing demand for short‑term, high‑quality debt instruments in the city’s evolving real‑estate market.
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