Mavik Lends $24M for Fort Greene Multifamily Tower 

Quinlan Development Group has secured $23.5 million of acquisition financing for the purchase and development of a multifamily tower in Fort Greene, Brooklyn, Commercial Observer has learned.

Mavik Capital provided the senior mortgage for acquisition and pre-development costs of Quinlan’s planned 23-story apartment building at 130 Saint Felix Street. Quinlan acquired the vacant lot  for an undisclosed amount from Gotham Organization, which proposed a 23-story condominium tower at the site that faced widespread neighborhood opposition. 

“Quinlan came to us with a fully entitled site, a compelling land basis, and a clear path to construction, and we were able to structure a full stack solution that works for both parties,” Dan Cooperman, head of investments at Mavik, said in a statement. 

The 130 Saint Felit site is in a lot behind the landmarked Hanson Place Central United Methodist Church where development firm Strekte has proposed a 27-story, 240-unit apartment building above the structure. The Quinlan project will comprise 149 apartments along with ground-floor retail. 

The property qualified for a 485x tax abatement since a portion of the units will be designated as affordable housing. 

“This was a special opportunity to acquire a site from a reputable seller in a meaningfully undersupplied market like Fort Greene,” Tyler Wilkins, partner at Quinlan Development Group, said in a statement. 

Andrew Coen can be reached at acoen@commercialobserver.com.