The Real Deal New York

Quinlan Development lands $52M loan for Brooklyn Heights resi project

Project at 157 Remsen Street will stand 19 stories tall and have 58 rental units
By Eddie Small | May 01, 2018 12:20PM

Rendering of 153-157 Remsen Street

UPDATED, 5:30 p.m., May 1: Quinlan Development has landed a $52 million loan for its 60-unit rental project at 153-157 Remsen Street in Brooklyn Heights.

The loan comes from USAA Life Insurance Company, which took on the property’s $36.6 million mortgage and provided a $15.9 million gap mortgage, according to property records.

Quinlan, which is developing the project with Lonicera Partners, received approval from the Department of Buildings in 2014 to demolish three structures at 153-157 Remsen Street and make way for its 19-story, 92,000-square-foot project, which features amenities including a rooftop terrace, a children’s playroom and a fitness center. The company is currently leasing apartments at the project, according to its website.

Representatives from Quinlan and USAA did not immediately respond to requests for comment.

Novel Property Ventures recently sold its Brooklyn Heights rental building at 115 Henry Street for $35.5 million to investors George and Peter Eliou, and Jehovah’s Witnesses sold their building in the neighborhood at 21 Clark Street late last year to Kayne Anderson Real Estate Advisors for $202.5 million.