Property Markets Group, Carlyle secures $520m million capitalization for mixed-use community in Brooklyn, N.Y.

A joint venture between Property Markets Group (PMG) and Carlyle has secured the $520 million capitalization for the development of Sackett Place and Society Brooklyn, a two-tower, 21-story luxury waterfront mixed-use community with 517 multi-housing units and 10,000 square feet of retail under construction in Gowanus, Brooklyn, N.Y.

JLL Capital Markets worked on behalf of the borrower to arrange the $335 million construction loan and 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 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 retailer