Fortis scores $300M for LICH redevelopment

Madison Realty Capital provides construction financing for Cobble Hill project

New York /
Sep.September 12, 2017 03:25 PM

Fortis Property Group  secured a $297 million construction loan for its development at the site of the former Long Island College Hospital in Cobble Hill.

Madison Realty Capital is the lender, Commercial Observer reported. The loan will be used to complete construction on the three residential buildings at 350 Hick Street, 95 Pacific Street and 249 Henry Street. The financing will also retire the previous bridge loan, according to the publication.

Madison also provided $107.3 million for Fortis to buy the site in 2015.

Fortis, led by CEO Jonathan Landau, filed plans for all three of the planned buildings last year. The Attorney General’s office approved a 17-unit offering plan at 100 Amity Street in November, where Fortis is targeting a $67.4 million sellout. In total, the development, known as River Park, will feature 325,000 sellable square feet, 172 luxury condominium units, 66,900 square feet of community facility space, and 328 parking spaces, according to CO.

In August, Madison provided a $300 million loan to Ceruzzi Properties and SMI USA for their 72-story luxury condominium at 138 East 50th Street[CO]Miriam Hall


Related Articles

arrow_forward_ios
30 Front Street & 294 Park Place (Streeteasy, Getty)
Brooklyn luxury market can’t shake slump
Brooklyn luxury market can’t shake slump
From left: 182 East 64th Street and 520 West 28th Street (Getty Images, Brown Harris Stevens, Godsfriendchuck, CC BY-SA 4.0 - via Wikimedia Commons)
Manhattan luxury contracts hold steady in September
Manhattan luxury contracts hold steady in September
Ryan Serhant
Ryan Serhant talks Compass, reality TV and more on TRD podcast
Ryan Serhant talks Compass, reality TV and more on TRD podcast
Frank Lloyd Wright with 1425 Valley View Drive (Getty, Re/Max)
Unique Frank Lloyd Wright home available … for now
Unique Frank Lloyd Wright home available … for now
A photo illustration of the Arizona Ghost Town Museum in Pearce, Arizona (Getty Images, Facebook/oldpearcepottery)
Night at the museum: Ghost town general store turned-home lists at $1M
Night at the museum: Ghost town general store turned-home lists at $1M
Ben Simmons and Olympia Dumbo (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and Olympia Dumbo)
Fortis’ Olympia Dumbo lures Brooklyn Nets star
Fortis’ Olympia Dumbo lures Brooklyn Nets star
Fredrik Eklund and John Gomes (The Society Group, 53w53)
Eklund-Gomes couples 53W53 open house with magazine launch
Eklund-Gomes couples 53W53 open house with magazine launch
Alec Baldwin with 335 Town Lane (Getty, Hampton Real Estate)
Alec Baldwin bailing on Amagansett estate
Alec Baldwin bailing on Amagansett estate
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...