The Real Deal New York

Fortis secures $92M financing for Dumbo condo project

Madison Realty Capital was the lender
By Kevin Sun | December 26, 2018 04:00PM

Madison Realty Capital’s Brian Shatz and Fortis Property Group’s Jonathan Landau with 30 Front Street in Brooklyn (Credit: Google Maps)

Fortis Property Group has secured financing for its planned 26-story condo building in Dumbo, according to city records filed on Wednesday.

The $92 million loan was provided by Madison Realty Capital, and consists of a $66 million mortgage as well as a $15 million building loan and $10 million project loan.

Fortis closed on its acquisition of the development site at 30 Front Street last week. The site had previously served as a parking lot for the Jehovah’s Witnesses’ Brooklyn headquarters, and was the last remaining property to be sold by the religious group as part of its move upstate.

Fortis’ development on the site will consist of 74 residential units across 178,00 square feet of residential space, in addition to 72,000 square feet of community space. The building’s amenities will include a gym, sauna, spa, yoga room and swimming pool.

Fortis is also planning a mixed-use project at 350 Hicks Street in Cobble Hill, and is facing a lawsuit from ICS Builders over the conversion of the Long Island College Hospital at 350 Henry Street.

Neither Fortis nor Madison immediately responded to requests for comment.