TD Bank funds $75M refiʼ for Quinlan, Lonicera luxury condo development

Cushman & Wakefield served as the exclusive advisor to Quinlan Development Group & Lonicera Partners in the procurement of $75 million in a refinancing for The Lane at Boerum Place, a 133,387 s/f newly constructed luxury residential and retail building in Brooklyn.

The refinancing was provided by TD Bank.

A Cushman & Wakefield EDSF team led by Gideon Gil with Alexander Hernandez, Noble Carpenter III and Zachary Kraft represented Quinlan Development Group & Lonicera Partners.

“This transaction represented a compelling financing opportunity for lenders due to the strong, local Sponsorship and the Class A nature of the property,” said Gil.

“This one-of-a-kind asset represents the apex of multifamily product in Brooklyn, with a location that is truly unbeatable.”

“This desirable, 108-unit project, with retail anchored by Rumble Boxing at the base, gave way to a competitive marketing process. TD Bank was able to put forth a custom financing package tailored to meet the needs and business plan of the Sponsorship.

“Quinlan Development Group and Lonicera Partners’ track record for constructing and marketing top class buildings, in addition to the unrivaled location within which the property is positioned, were attractive to many of the potential lenders.”

The Lane, located at 415 Red Hook Lane on the edge of Brooklyn Heights in Downtown Brooklyn, is a newly constructed luxury residential building featuring a premier live work play location.

The 108-unit, 21-story building contains a rooftop terrace, fitness center, children’ playrooms, central air, a bike room, co-working lounge and washers and dryers in all of the apartments.

Each unit is built with condo-quality finishes, with unique layouts ranging from one to three-bedrooms.

The residential component of the property is currently 100 percent leased, while 50 percent of the retail is leased.

The property also benefits from a fifteen year 421(a) and ICAP real estate tax abatement.

“TD Bank is proud to provide customized financing solutions for our clients,” said Paul Kesicki, vice president at TD Bank.

“We are pleased to work with Quinlan Development Group & Lonicera Partners to meet their long term financing needs for this best-in-class and well located Brooklyn multifamily Property.