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

KKR provided $53M in construction financing and consolidated old debt

TRD New York /
Apr.April 06, 2017 03:20 PM

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.

Related Articles

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Renderings of 130-02 South Conduit Avenue and Triangle Equities’ Joshua Weingarten (Credit: Terminal Logistics)

Triangle Equities lands $87M loan for massive JFK warehouse project

From left: 172 Madison Avenue, 100 East 53rd Street, Woolworth Tower, 53 West 53rd Street, 615 10th Avenue

Loan wolves: Bankers are stalking developers as debts come due

State Sen. Julia Salazar and Assembly member Harvey Epstein proposed the tax this month in an effort to disincentivize real estate speculation (Credit: iStock, Getty Images)

Experts take issue with proposed tax on mezzanine loans

Brookfield's largest-ever $15B property fund has invested in properties from New York (666 Fifth Avenue) to Bangalore (the Leela Palace hotel) (Credit: Brookfield, Getty Images, Leela)

Real estate fundraising hits lowest level since 2013

Some investors continue to find U.S. commercial real estate as attractive places to park their capital (Credit: iStock)

Brexits and Bubbles: How investors view Europe’s shaky real estate market

Pope Francis (Credit: WIkipedia, iStock)

Unholy real estate strategy: Catholic churches shuffle properties to shield billions from sex abuse victims, report says