Fortis scores $300M for LICH redevelopment

Madison Realty Capital provides construction financing for Cobble Hill project

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

From left: Joel Kestenbaum, a rending for the Long Island College Hospital redevelopment in Cobble Hill and Jonathan Landau (Credit: CityRealty and Larry Ford)

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
From left: the Ritz-Carlton, 32 East 1st Street, 560 West 24th Street, 301 East 80th Street and 32 West 85th Street

Five priciest homes new to market include 1897 townhouse

Ed Gilligan and 3 East 94th Street (Credit: Getty Images, Compass)

Don’t leave home without $21M: Amex exec’s widow sells townhouse

From left: Jed Wilder, Bess Freedman, Richard Grossman, Josh Sarnell and Adam Mahfouda (Credit: Emily Assiran) 

Agents to StreetEasy: The fee is too damn high

40 East 72nd Street (Credit: Google Maps)

Nightmare on E. 72nd Street raises question: Are small condos risky?

Jed Garfield of Leslie J. Garfield; Richard Grossman, president of Halstead Real Estate; Sarah Saltzberg, principal broker and CEO of Bohemia Realty Group; Douglas Elliman’s Howard Lorber

NYC brokers slam bias, promise action after Newsday exposé

The bombshell probe also found that minorities had to meet more stringent financial qualifications than white buyers. (Credit: iStock)

LI agents routinely discriminate against minority buyers, undercover probe finds

Zillow CEO Rich Barton (Credit: iStock)

Zillow and Opendoor aren’t making much on home-flipping

This week, the State Department of Taxation and Finance issued a new memo that notably made no mention of condos. (Credit: iStock)

Regulators quietly change stance on condos in LLC law

arrow_forward_ios