Quinlan Development Group (“QDG”), a multi-generational real estate investment company with a track record of developing over 3.5 million square feet of real estate and over one billion dollars of assets currently under management, and GTIS Partners (“GTIS”), a global real estate investment firm that manages approximately $4.3 billion in real estate with a U.S. focus on residential and industrial/logistics investments, announced today the formation of a joint venture and the acquisition of 374 4th Avenue for the development of a class-A mixed-use residential development located in the Gowanus neighborhood of Brooklyn, NY (the “Project”).
Once complete, the Project will comprise 197 units and 213,000 square feet across 17 stories, with ground floor retail and parking. The building will have a wide range of attractive amenities, including a fitness center, gaming and media lounge, co-working spaces, yoga studio, golf simulator and a furnished rooftop terrace with elevated views. The residences will be a mixture of one and two-bedroom units, with 88 units featuring private terraces or balconies.
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The Project will qualify for the Affordable New York (“ANY”) program, which expired in June 2022, delivering a significant number of affordable rate units.
The site is located at the nexus of the Park Slope, Gowanus and Carroll Gardens neighborhoods, a few blocks from numerous subway lines, the significant dining and retail options of the Park Slope retail corridor and the green spaces of Washington Park and Prospect Park.
Rob Vahradian, Partner and Head of U.S. Investments at GTIS, said, “We are excited to partner with Quinlan, a highly-respected and experienced New York developer, and are looking forward to expanding our existing New York footprint in this venture with them.”
“This investment is another example of aligning our opportunity zone strategy with investing in areas with high growth potential, supporting increased economic development in underserved neighborhoods and managing our projects in an environmentally responsible way,” added Ed McDowell, Partner and Head of U.S. Acquisitions at GTIS. “We are pleased to participate in the various initiatives established by New York City to help bring additional market rate and affordable housing to Gowanus.”
Tim Quinlan, Principal at QDG, said, “We look forward to breaking ground on our latest multifamily building, and are excited to take this on with our partners at GTIS, who also have a long track record of successful projects. The city is in a housing crisis and we are proud to be a part of offering new and needed housing.” QDG is currently developing another 170,000 square foot multifamily development at 230 Classon Avenue in Clinton Hill, Brooklyn, that is due to start leasing in early spring of 2023.
The Project is one of 15 committed investments made to date by the GTIS Qualified Opportunity Zone Fund, comprising approximately 2,500 multifamily units, 460 single-family rental units, 2.0 million square feet of industrial logistics space and 430 student housing units. Predecessor GTIS funds invested $180 million of equity in seven additional deals located in Opportunity Zones, all of which are now fully realized.
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CIT, a division of First Citizens Bank, serves as Lead Arranger on the construction financing.
“Quinlan Development is highly respected across the Greater New York metropolitan area for multi-generational investing and the quality of its developments,” said Chris Niederpruem, Managing Director and Group Head for CIT’s Real Estate Finance business.
“We have a strong established relationship with the team at Quinlan, specifically when it comes to multifamily development in Brooklyn, and are proud to be a part of this project while continuing to support their business plan,” said Juan Vives, a managing director in Real Estate Finance.
The JLL debt and equity advisory team representing the venture was led by Senior Managing Director Christopher Peck, Managing Director Peter Rotchford, Director Nicco Lupo, Senior Managing Directors Jeff Julien and Rob Hinckley, Senior Director Jillian Mariutti, Associate Phil Cadorette and Analyst Joy Ryoo.
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