First Citizens Bank Lends $73M on Planned Gowanus Multifamily Project
By Andrew Coen October 20, 2022 2:09 pm
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Quinlan Development Group has landed $73.4 million of construction financing to build a planned mixed-use residential tower in a newly rezoned Brooklyn neighborhood, according to property records.
First Citizens Bank (FCNCA) provided the loan for Quinlan’s 17-story project at 374 Fourth Avenue in Brooklyn’s Gowanus neighborhood. The site, which was previously home to a taxi depot, is in an area along the Gowanus Canal that was rezoned late last year, clearing the way for developers to build up to 22 stories.
Quinlan filed plans in October 2021, prior to the City Council’s Gowanus rezoning vote, for a 197-unit development with 6,030 square feet of commercial space, New York Yimby previously reported. The ground-up development, which architectural firm GF55 Partners is designing, will also have a 40-foot-long side yard and 30 enclosed parking spaces, according to Yimby.
Estimated completion date for the 206,778-square-foot project is the third quarter of 2024, according to Quinlan’s website. The developer is planning another 17-story Brooklyn multifamily development at 230 Classon Avenue in Clinton Hill that landed $48 million in construction financing last year from CIT Group and Hines.
Representatives at First Citizens Bank and Quinlan did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
