Quinlan locks down $75M refi of Brooklyn Heights resi tower

Deal comes soon after firm refinanced another Brooklyn property

Mar.March 26, 2019 01:10 PM
Lane at Boerum Place

415 Red Hook Lane

UPDATED, March 27, 10:38 a.m.: Quinlan Development Group has refinanced another of its Brooklyn properties.

The developer landed $75 million from TD Bank for its mixed-use building at 415 Red Hook Lane, known as the Lane at Boerum Place, according to documents recorded Tuesday with the city’s finance department.

The deal includes a nearly $22 million gap mortgage and replaces debt from M&T Bank.

TD Bank did not immediately return a request for comment and a representative from Quinlan was unavailable for comment Tuesday afternoon.

The 21-story rental property has 108 apartments, plus some commercial space, and opened to residents in 2017. Rents range from $2,492 for a studio to $7,300 for a three-bedroom pad, according to StreetEasy.

A Cushman & Wakefield team led by Gideon Gil with Alexander Hernandez, Noble Carpenter III and Zachary Kraft arranged the debt on behalf of Quinlan Development and its partner Lonicera Partners.

Quinlan recently refinanced another Brooklyn property. With partner Building & Land Technology, the firms last month secured $152 million from PCCP for 41 Flatbush Avenue, a converted office building in Downtown Brooklyn.

Update: This story has been updated to include the brokers who arranged the financing.

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