Quinlan Development Group and GTIS Partners Announce Opportunity Zone Joint Venture for Brooklyn, NY Residential Development

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 4^th 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.

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.

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.

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.

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