CIT, Hines Teamed Up To Grant $48 Million To Construct Brooklyn Residential Project

CIT Group and Hines have teamed up to give $48 million in building financing to Quinlan Development Group for a planned 17-story multifamily expansion in Clinton Hill, Brooklyn.

CIT Real Estate Finance, the bank’s real estate lending division led by Chris Niederpruem, supplied a $35.7 million loan, as Hines Realty Income Fund provided $12.3 million in mezzanine debt for Quinlan’s development at 230 Classon Avenue in Clinton Hill.

The property will feature 138 one and two-bedroom, mixed-income living units, with individual balconies, spread across 143,000 sf, 30% of the apartments will be assigned as affordable.

The development designed by DXA Studio will be placed on a parcel controlled by St. Mary’s Episcopal Church and will rise above and actually border the mid-19th century church.

About 9,000 square feet will be given to outdoor space for residents, including a private park and an outdoor space on the third floor of the project, and a rooftop deck. There will be about 100 on-site parking spots available for residents. 

Other amenities at the location will include a lounge and business center, a fitness center, bike storage, a dog run, and a recreational area that will have a pool table and a kitchen.

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