PCCP Provides $152M Refinancing for Office Building in Brooklyn
NEW YORK CITY — PCCP has provided a $152 million senior loan to refinance The Pioneer Building, a 270,000-square-foot, 10-story office property in Brooklyn. Located at 41 Flatbush Ave., the former warehouse/storage facility was constructed in 1896 and was converted to a creative office space after it was acquired in 2014 by a joint venture of Quinlan Development Group and Building and Land Technology. As part of the renovation, Quinlan and BLT updated the building’s façade and installed elevators, a modern HVAC system, windows and a landscaped rooftop amenity. PCCP provided the loan to Quinlan and BLT. Terms of the financing were undisclosed.