High-rise commercial buildings

Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New York & Tri-State  + Outer  + Apartments  | 

CIT Provides $36M for Clinton Hill Mixed-Income Rentals

CIT Group Inc. provided $35.7 million in financing for the construction of a new 17-story multifamily development in the Clinton Hill section of Brooklyn. The loan through CIT’s Real Estate Finance business was made on behalf of Quinlan Development Group.
 
The building, which will house 138 mixed-income rental units, is located at 230 Classon Ave., on the corner of Willoughby Avenue. The one- and two-bedroom units will all have balconies and 30% of the units will be offered as affordable income rentals.
 
“We are confident in New York City’s resiliency and persistent need for new housing,” said Tyler Wilkins, partner at Quinlan.
 
“High-quality multifamily projects in major metropolitan areas are a good fit for our portfolio,” said Chris Niederpruem, group head for CIT’s Real Estate Finance business. “We were impressed with Quinlan Development Group’s plan for the property and pleased to arrange the financing to help move it forward.”

Connect

Inside The Story

CIT Real Estate Finance

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
New call-to-action
New call-to-action