The Real Deal New York

Quinlan, Building & Land Technology secure $132M for DoBro office conversion

KKR provided $53M in construction financing and consolidated old debt
By Rich Bockmann | April 06, 2017 03:20PM

Renderings of 41 Flatbush Avenue via YIMBY

Quinlan Development Group and Building & Land Technology locked down $132 million in financing from KKR for their office-conversion project in Downtown Brooklyn, dubbed the Pioneer Building.

KKR provided nearly $53 million in bridge- and construction-financing for the site at 41 Flatbush Avenue, and consolidated another $79.5 million in existing debt, property records filed with the city Thursday show.

Representatives for Quinlan, BLT and KKR were not immediately available for comment.

The developers bought the 230,000-square-foot storage facility at 41 Flatbush for $90 million in 2015, with plans to convert it into a 275,000-square-foot office property.

There’s a website live for the property, which says the space was planned to be available last summer, with Cushman & Wakefield acting as the leasing agent.

KKR last year provided a $139 million loan to refinance a dozen properties in Wiliamsburg owned by RedSky Capital and a $60 million loan to Madison Realty Capital for its acquisition of 94-unit rental building on the Upper West Side.