Quinlan Kicks Off 17-Story Mixed-Income Brooklyn Project
CIT Group provided a $35.7 million construction loan, with Hines contributing mezzanine financing.
230 Classon Ave. Rendering courtesy of Quinlan Development Group
Quinlan Development Group has broken ground on a 17-story, 138-unit multifamily project in Brooklyn. The community is expected to come online in the spring of 2023.
CIT Group provided a $35.7 million construction loan for the Clinton Hill development, while Hines Realty Income Fund contributed mezzanine financing.
Located at 230 Classon Ave., on land owned by St. Mary’s Church, the 143,000-square-foot mixed-income community is set to incorporate 138 one- and two-bedroom residences, all with private balconies, as well as some with yards. Thirty percent of the units have been designated as affordable.
The property, situated near the Pratt Institute and within a mile of Fort Greene Park, will offer 8,700 square feet of outdoor space with a street-level park, as well as a landscaped outdoor space on the third floor.
Designed by DXA Studio, the community is also slated to offer 4,200 square feet of indoor amenities, including a study lounge, fitness center, bike room, storage areas and a recreational area, among others, as well as 98 on-site parking spaces.
Cushman & Wakefield Executive Managing Directors Gideon Gil and Dan O’Brien acted as advisors throughout the purchase and financing processes for 230 Classon Ave.
After a rocky second half of 2020, New York City rents are not only stabilizing, but also showing recovery signs. While year-over-year rent growth continues to be negative, short-term evolution is positive. According to a recent Yardi Matrix report, New York City rents were up 10 basis points on a trailing three-month basis as of April.
