Quinlan Development Group Seals $56M Refi for Brooklyn Multifamily Building
By Cathy Cunningham June 25, 2024 3:46 pm
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Quinlan Development Group just closed a $56 million refinance for its multifamily property at 230 Classon Avenue in Brooklyn’s Clinton Hill neighborhood, Commercial Observer can first report.
QuadReal provided the fixed-rate senior loan, while Cushman & Wakefield (CWK)’s Gideon Gil, Zachary Kraft and Sebastian Sanchez negotiated the debt.
The property, also known as Parish House, sits close to Pratt Institute, spans 111,268 square feet across 17 floors and was designed by DXA Studio. Of its 138 units, 42 are designated affordable, and a lottery was launched for those units in May 2023, New York Yimby reported.
“We are incredibly proud that we were able to deliver the Parish ahead of schedule and under budget to a Clinton Hill market starved for new free-market and affordable housing, as evidenced by the strong operating performance thus far,” Tyler Wilkins, a partner at Quinlan, said in prepared remarks.
Gil described a “competitive” bidding process for the deal, and said “there continues to be robust demand and capital available for best-in-class multifamily assets.”
In May 2021, not long after Quinlan broke ground on 230 Classon, the developers received a $48 million construction financing package from CIT Group — now First Citizens — and Hines. Today, the building’s amenity package includes a landscaped park, gaming terrace and coworking lounge, and there’s also a penthouse lounge on the 17th floor.
Parish House is a fitting name for the building as it sits next to St. Mary’s Episcopal Church, a historical church built in 1858, on land owned by the church. Can we get an Amen?
Cathy Cunningham can be reached at ccunningham@commercialobserver.com
