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PCCP Provides $152M to Recap Brooklyn’s Pioneer Building
PCCP LLC has provided a $152-million senior loan for the recapitalization and lease-up of 41 Flatbush Ave. in Downtown Brooklyn. Also known as the Pioneer Building, the property is a circa-1896 warehouse/storage facility that was recently converted into Class A creative office space.
The ownership, a venture of Quinlan Development Group and Building and Land Technology (BLT), acquired the property in 2014. “PCCP sees this loan as a favorable opportunity given the experience of Quinlan and BLT on similar infill projects,” said John Randall, partner with PCCP.
“This is an exciting, transit-oriented, newly-renovated creative asset that provides tenants with a value alternative to buildings in neighboring parts of Brooklyn and Manhattan,” he continued. “As New York City continues to gain momentum as a technology hub, Brooklyn is a borough that offers tenants lower rents, a young tech-savvy workforce, and a variety of retail and amenities.”
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