267 Bond St. / 510 Sackett St. will consist of two
towers, 517 residential units and 10,000 square feet of retail in
Gowanus, Brooklyn
NEW
YORK, June 9, 2023 /PRNewswire/ -- JLL's Capital
Markets group announced today that it has secured the $520 million capitalization for the development
of Sackett Place and Society Brooklyn, an under-construction,
two-tower, 21-story luxury waterfront mixed-use community with 517
multi-housing units and 10,000 square feet of retail in Gowanus,
Brooklyn.
JLL worked on behalf of the borrower, a joint venture between
Property Markets Group (PMG) and Carlyle, to arrange the
$335 million construction loan, and
also secured the project's $165
million LP equity.
Situated at 267 Bond St. and 510 Sackett St. and slated to open
in 2025, the towers are prominently positioned on the corner of
Bond and Union Streets overlooking the Gowanus Canal and sitting
within the Carroll Gardens neighborhood. The site is only four
blocks from the Carroll Street Subway Station and Union Street
Station, providing one-stop service to Manhattan in less than 15 minutes, and is less
than one mile from Smith Street, Atlantic Avenue and Bergen Street,
home to high street retailers, major financial institutions and
notable dining establishments. Additionally, the residential
community is a part of the Gowanus rezoning initiative for
permanent affordable housing.
JLL's Capital Markets Advisory Team was led by 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.
"Developments with an affordable component continue to make
sense to lenders seeking to deploy equity in a highly fractured
market," said Peck. "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."
JLL's Capital Markets group is a full-service global provider of
capital solutions for real estate investors and occupiers. The
firm's in-depth local market and global investor knowledge delivers
the best-in-class solutions for clients — whether investment and
sales advisory, debt advisory, equity advisory or a
recapitalization. The firm has more than 3,000 Capital Markets
specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please
visit our newsroom.
About Property Markets Group
Founded in 1991 by
Kevin Maloney, Property Markets
Group (PMG) has evolved from a local New
York City based real estate operator to a national
investment, development, and asset management firm focused on large
scale, new construction multifamily and condominium projects, as
well as acquiring high-performing commercial holdings.
Today PMG is run by Managing Partners Ryan Shear and
Dan Kaplan, currently operating
across Florida, New York, Colorado, Tennessee, South
Carolina and Georgia. Their
vertically integrated team has departments specializing in
acquisitions and land use, design and architecture, construction
management, capital markets, asset management, sales and marketing,
as well as significant in-house legal and accounting
capabilities.
PMG's current multi-billion dollar nationwide portfolio includes
assets across pre-development, construction, lease-up, and sell
out, totaling more than 8,500 residential units and over 16 million
square feet of development. For more information, visit
propertymg.com.
About JLL
For over 200 years, JLL (NYSE: JLL), a
leading global commercial real estate and investment management
company, has helped clients buy, build, occupy, manage and invest
in a variety of commercial, industrial, hotel, residential and
retail properties. A Fortune 500 company with annual revenue of
$20.9 billion and operations in over
80 countries around the world, our more than 103,000 employees
bring the power of a global platform combined with local expertise.
Driven by our purpose to shape the future of real estate for a
better world, we help our clients, people and communities SEE A
BRIGHTER WAYSM. JLL is the brand name, and a registered
trademark, of Jones Lang LaSalle Incorporated. For further
information, visit jll.com.
Contact: Jenna Sharp,
Associate, Public Relations
Phone: +1 214 394-3356
Email: Jenna.Sharp@am.jll.com
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SOURCE JLL