NYC Community Lands $53M Refi
- Jul 13, 2018
A joint venture between Quinlan Development Group and Lonicera Partners has secured $52.5 million to refinance the original construction loan on 153 Remsen, the partners’ newly constructed, Class A luxury community in Brooklyn Heights, N.Y.
Walker & Dunlop worked on behalf of the developers to arrange the 12-year, fixed-rate loan with interest-only payments for a portion of the term, with a life insurance company.
Completed in June 2017, the property features 60 apartments at an average of 1,066 square feet. Interior features include floor-to-ceiling windows, white oak flooring, four-piece master baths, central air conditioning, gourmet kitchens and washer/dryers. Residents have access to amenities that include:
- attended lobby
- fitness center with trainer program
- bicycle room
- children’s playroom
- storage lockers
- rooftop terrace
The firm’s Senior Vice President Tom Toland, Vice President Hal Reinauer and Assistant Vice President Marty McGrogan led the team.
“While the capital markets have a strong appetite for new construction in key markets such as this one, high leverage, long-term financing for properties in lease-up can still be challenging to find,” said Toland, in a prepared statement. “153 Remsen is an irreplaceable property in an area with high barriers to entry. This—coupled with excellent sponsorship and our strong lender relationships—allowed us to meet the developers’ needs.”
In February, Lonicera Partners secured $42.1 million in construction financing to develop a mixed-use luxury condominium project in Brooklyn. Along with its partner Orange Management, the company also secured equity from a fund managed by The Davis Cos.
Image courtesy of Walker & Dunlop