The Jones Lang Lasalle (JLL) Capital Markets group recently announced that it had arranged development financing in the amount of $522 million for Sackett Place and Society Brooklyn.

Senior Managing Directors Christopher Peck and Andrew Scandalios; Managing Director Peter Rotchford; Director Nicco Lupo; Senior Managing Directors Rob Hinckley and Jeff Julien; and Vice President Jonathan Faxon led the JLL Capital Markets advisory team that worked on behalf of the project developer, which is a joint venture between Property Markets Group (PMG) and Carlyle.

Located at 267 Bond St. and 510 Sackett St., the waterfront project promises to deliver a lot to the rezoned Gowanus neighborhood of Brooklyn. Specifically, two 21-story, mixed-use towers are intended for a luxury community of more than 500 multi-housing units complemented by 52,000 square feet of commercial space.

The site is prominently positioned at the intersection of Bond and Union streets, overlooking the Gowanus Canal. And, with the Carroll Street Subway Station and Union Street Station only four blocks away, Sackett Place and Society Brooklyn boast one-stop service to Manhattan in less than 15 minutes. Moreover, the site is less than one mile from Smith Street, Atlantic Avenue, and Bergen Street, which are home to major financial institutions, high street retailers and notable dining establishments. Plus, the project itself includes roughly 10,000 square feet of prime Brooklyn retail space.

 

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“Developments with an affordable component continue to make sense to lenders seeking to deploy equity in a highly fractured market,” Peck said. “With its best-in-class sponsors and strong fundamentals, 267 Bond St. / 510 Sackett St. is the type of mixed-used venture that remains highly appealing to investors, and we are thrilled to have completed the transaction.”

The residential component is a part of the Gowanus rezoning initiative for permanent affordable housing, which granted developers tax abatements under certain terms of the Affordable Housing New York Program. Foundation work on the project was completed last year to qualify for the program, and work on the towers is expected to be completed in 2025.

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