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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.”
- ◦Financing

