Quinlan Development signs $26.6M refi with JLL for 60-unit rental in Boerum Hill

Quinlan Development Group through the entity 267 Pacific Owner LLC as borrower signed a refi loan with lender JLL through the entity JLL Real Estate Capital, LLC valued at $26.6 million for the 60-unit residential elevator building (D6) at 267 Pacific Street in Boerum Hill, Brooklyn.
The deal closed on August 29, 2025 and was recorded on September 16, 2025. The prior lender was PNC Bank which held debt that had an original loan amount of $32 million.The property has 49,997 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $532 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on December 22, 2011, for $6.2 million. The signatory for Quinlan Development Group was Timothy Quinlan . The signatory for JLL was Steven D. Henderson .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Timothy Quinlan, head officer and John Evans, officer. The business entities are Walker Malloy & Co,Inc and 257-267 Pacific Street Llc. The 49,997-square-foot property generated revenue of $3.4 million or $69 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 60 residential units in Boerum Hill has 49,997 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 88 feet deep with a total lot size of 12,261 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2016 and expires in 2031. The city-designated market value for the property in 2022 is $17.9 million. The property has 60 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 6, 2014. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of eight of the 12 commercial properties representing 145,518 square feet of the 159,885 square feet. The largest owner is Quinlan Development Group, followed by Renaissance Realty Group and then William L. Green.
On the tax block, there were two new building construction projects totaling 10,257 square feet. The largest is a 5,926 square-foot business (B) building submitted by Stuart Venner with plans filed October 2, 2017 and it has not been permitted yet. The second largest is a six-unit, 4,331 square-foot residential (R-2) building submitted by Moshe Katlowitz with plans filed October 11, 2018 and it has not been permitted yet.

The majority, or 49 percent of the 159,885 square feet of built space are retail buildings, with elevator buildings next occupying 31 percent of the space.

The borrower

The PincusCo database currently indicates that Quinlan Development Group owned at least six commercial properties with 473 residential units in New York City with 400,715 square feet and a city-determined market value of $95.6 million. (Market value is typically about 50% of actual value.) The portfolio has $322.7 million in debt, with top three lenders as PCCP, First-Citizens Bank & Trust Company, and QuadReal Property Group respectively. Within the portfolio, the bulk, or 58 percent of the 400,715 square feet of built space are office properties, with elevator properties next occupying 33 percent of the space. The bulk, or 97 percent of the built space, is in Brooklyn, with Manhattan next at 3 percent of the space.

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