Paul Stern

(Paul J. Stern)

Senior Vice President

QuadReal Property Group

(QR Real Estate Capital REIT, QR US Finance REIT)

Developer, Owner

Park Place 666 Burrard Street, Suite 800 Vancouver, BC V6C 2X8 Canada

1345 Avenue of the Americas, Suite 2302 New York, NY 10105

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Person Activity past 24 months:

Lender signatory: 6 for $518.2 million

Top Ten Associated Companies:

EMP Capital Group (4), Watermark Capital Group (2), Quinlan Development Group (1)

Top Ten Associated People:

Elichai Pariente (4), Wolfe Landau (2), Timothy Quinlan (1)

Recent activity as signatory:

EMP Capital Group borrowed $150 million from QuadReal Property Group for 874 Atlantic Avenue on February 17, 2026.

EMP Capital Group borrowed $140 million from QuadReal Property Group for 1044 Atlantic Avenue on November 25, 2025.

Watermark Capital Group borrowed $31 million from QuadReal Property Group for 187 Leonard Street on July 09, 2025.

Watermark Capital Group borrowed $31.2 million from QuadReal Property Group for 17 Monitor Street on July 09, 2025.

Quinlan Development Group borrowed $56 million from QuadReal Property Group for 224 REAR Classon Avenue on June 21, 2024.

Avery Hall Investments borrowed $140.2 million from KKR & Co. for 17 Boerum Place on May 17, 2024.

EMP Capital Group borrowed $110 million from QuadReal Property Group for 874 Atlantic Avenue on May 01, 2024.

EMP Capital Group borrowed $109 million from QuadReal Property Group for None on December 22, 2023.

Latest Stories:

• EMP Capital ups debt to $140M with QuadReal for 474 units in Crown Heights (December 15, 2025)

• Watermark modifies ground lease with St. Cecilia’s in Williamsburg valued at $9M (July 23, 2025)

• Watermark Capital signs $31M refi loan with QuadReal for two walkups in Williamsburg (July 22, 2025)

• Quinlan Development signs $56M refi for newly built 140-unit rental in Clinton Hill (July 03, 2024)

• EMP Capital signs $110M construction loan with QuadReal for 246-unit project in Prospect Heights (May 14, 2024)

• EMP Capital signs $109M construction loan with QuadReal for 193-unit project in Crown Heights (January 11, 2024)

• EMP Capital Group pays $25.6 million for large Prospect Heights development site (November 27, 2023)

• EMP Capital pays $14M for Crown Heights properties, has 69-unit project on same block (April 13, 2022)

• Avery Hall signs $176M construction loan with QuadReal, Global Holdings for rental in Downtown Brooklyn (October 20, 2021)

• Quinlan Development signs $35.7M construction loan with CIT Bank for 142-unit project in Clinton Hill (May 21, 2021)

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