NEW
YORK, Nov. 21, 2022 /PRNewswire/ -- 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.
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.
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.
About Quinlan Development
Group
Quinlan Development Group, founded in 1971, is a
multi-generational private investment and development company
specializing in value-add real estate opportunities. Its strategy
is to focus on locations with strong growth potential and on
opportunities where value is realized through creative and
experienced management. Quinlan Development Group has developed
approximately 3.5 million square feet of real estate across
mixed-use multifamily rentals, luxury condominiums, self-storage,
RV campgrounds, industrial and office – as well as financing
numerous other projects. Additional company information can be
found at www.quinlandev.com.
About GTIS Partners
GTIS Partners is a global real estate investment firm in the
Americas, headquartered in New
York with offices in São Paulo, San Francisco, Los
Angeles, Atlanta,
Charlotte, Paris and Munich. The firm was started in 2005 and is
managed by President and founder Tom
Shapiro and seven other partners. The firm manages
$4.3 billion in real estate and is
active across a wide range of real estate sectors including
single-family and multifamily housing, office, industrial/logistics
and hospitality as well as opportunity zone investments. The firm
invests at various points in the capital structure including
credit, common equity and structured equity. In the U.S., GTIS has
invested in over 170 assets across 40 unique markets including
growth areas such as Phoenix,
Dallas, Houston, Denver, Atlanta, Tampa and Charlotte. In Brazil, GTIS is among the largest real estate
private equity firms with holdings including office, residential,
logistics, and hospitality investments. Marquee assets developed by
GTIS Partners in São Paulo include the Infinity office building and
Palácio Tangará, a five-star resort style hotel. For more
information, please visit, please visit www.gtispartners.com.
About CIT
CIT is a division of First Citizens Bank, the largest
family-controlled bank in the United
States, continuing a unique legacy of strength, stability
and long-term thinking that has spanned generations. Parent
company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top
20 U.S. financial institution with more than $100 billion in assets. The company's commercial
banking segment brings a wide array of best-in-class lending,
leasing and banking services to middle-market companies and small
businesses from coast to coast. First Citizens also operates a
nationwide direct bank and a network of more than 550 branches in
22 states, many in high-growth markets. Industry specialists bring
a depth of expertise that helps businesses and individuals meet
their specific goals at every stage of their financial journey.
Discover more at www.cit.com/firstcitizens.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that
specializes in real estate and investment management. JLL shapes
the future of real estate for a better world by using the most
advanced technology to create rewarding opportunities, amazing
spaces, and sustainable real estate solutions for our clients, our
people, and our communities. JLL is a Fortune 500 company with
annual revenue of $19.4 billion,
operations in over 80 countries and a global workforce of more than
102,000 as of June 30, 2022. JLL is
the brand name, and a registered trademark, of Jones Lang LaSalle
Incorporated. For further information, visit www.jll.com.
Media Contacts
GTIS Partners
Mary Beth Grover / Keely
Gispan
ASC Advisors
(203) 992-1230
mbgrover@ascadvisors.com / kgispan@ascadvisors.com
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SOURCE GTIS Partners