CIT, Hines Provide $48M Construction Package on Brooklyn Residential Project
CIT Group and Hines have teamed up to provide $48 million in construction financing to Quinlan Development Group for a planned 17-story multifamily development in Clinton Hill, Brooklyn, according to information from both lenders.
CIT Real Estate Finance, the bank’s real estate lending division led by Chris Niederpruem, supplied a $35.7 million loan, while Hines Realty Income Fund supplied $12.3 million in mezzanine debt for Quinlan’s development at 230 Classon Avenue in Clinton Hill, on which it just recently broke ground. The financing was extended on April 29, according to Hines.
Quinlan Development’s Tyler Wilkins, a partner at the firm, said the company is confident “in New York City’s resiliency and persistent need for new housing.”
The property will feature 138 one- and two-bedroom, mixed-income residential units, with private balconies, spread across 143,000 square feet. Thirty percent of the apartments will be designated as affordable, according to CIT.
“High-quality multifamily projects in major metropolitan areas are a good fit for our portfolio,” Niederpruem said. “We were impressed with Quinlan Development Group’s plan for the property and pleased to arrange the financing to help move it forward.”
The development — designed by DXA Studio — will be located on a parcel controlled by St. Mary’s Episcopal Church, and will rise above and actually border the mid-19th century church. About 9,000 square feet will be dedicated to outdoor space for residents, including a private park, as well as an outdoor space on the third floor of the project and a rooftop deck. There will also be about 100 on-site parking spots available for residents.
Other amenities at the location will include a lounge and business center, a fitness center, bike storage, a dog run and tenant recreational area that will have a pool table and a kitchen.