Quinlan Development signs $56M refi for newly built 140-unit rental in Clinton Hill

Quinlan Development Group through the entity 230 Classon Development LLC as borrower signed a refi loan with lender QuadReal Property Group through the entity QR Us Finance REIT LLC valued at $56 million for the 140-unit rental Parish House at 230 Classon Avenue in Clinton Hill, Brooklyn.
On the lot, there was a new building construction project for a 140-unit, 119,307 square-foot residential (R-2) building. The project was submitted by Quinlan Development Group and filed by Gerald Keucher with plans filed September 30, 2016.
The deal closed on June 21, 2024 and was recorded on July 2, 2024. The prior lender was First-Citizens Bank & Trust Company which held debt that had an original loan amount of $35.7 million.
The signatory for Quinlan Development Group was Timothy Quinlan. The signatory for QuadReal Property Group was Paul Stern.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $1,000,000 money judgment concerning a contract filed on January 30, 2024, by Quinlan Development Group against St. Mary’s Episcopal Church. In addition, according to city public data, the property has received one DOB violation in the last year.

The neighborhood

In Clinton Hill, The bulk, or 34 percent of the 10.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Clinton Hill has near average sales volume among other neighborhoods with $284.7 million in sales volume in the last two years and is the 24th highest in Brooklyn. For development, Clinton Hill has had very little major development activity relative to other neighborhoods.It had 247,365 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 15 commercial properties representing 10,803 square feet of the 171,787 square feet. The two identified owners are Namdar Realty Group and Anthony Cerullo.
On the tax block, there were four new building construction projects totaling 260,243 square feet. The largest is a 140-unit, 119,307 square-foot residential (R-2) building submitted by Quinlan Development Group and filed by Gerald Keucher with plans filed September 30, 2016 and permitted July 20, 2021. The second largest is a 81-unit, 70,336 square-foot residential (R-2) building submitted by Nikant Ohri with plans filed August 13, 2020 and it has not been permitted yet.

The majority, or 38 percent of the 171,787 square feet of built space are hotel buildings, with walkup buildings next occupying 36 percent of the space.

The borrower

The PincusCo database currently indicates that Quinlan Development Group owned at least six commercial properties with 138 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 $276.7 million in debt, with top three lenders as PCCP, First-Citizens Bank & Trust Company, and CIT Bank 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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