The Real Deal New York

Fortis scores $300M for LICH redevelopment

Madison Realty Capital provides construction financing for Cobble Hill project
September 12, 2017 03:25PM

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