PCCP provides $152m senior loan for creative office property in Brooklyn

PCCP has provided a $152 million senior loan for the recapitalization and lease-up of 41 Flatbush Ave. in downtown Brooklyn, N.Y.

Also known as The Pioneer Building, the property was a former 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. Since that time, it has invested in excess of $30 million in transformative capital improvements and is in active lease-up with over a half dozen tenants already.

Developed in 1896, The Pioneer Building originally served as the headquarters of an auction house with additional storage space. Quinlan and BLT transformed the building into an approximately 270,000-square-foot, 10-story office asset that includes ground floor retail space.

As part of the renovation plan, Quinlan and BLT updated the building’s façade and installed elevators, windows, a landscaped r