Fortis secures $92M financing for Dumbo condo project

Madison Realty Capital was the lender

TRD New York /
Dec.December 26, 2018 04:00 PM

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.


Related Articles

arrow_forward_ios
Gov. Andrew Cuomo (Getty, iStock)

Commercial eviction and foreclosure ban extended until January

Commercial eviction and foreclosure ban extended until January
The Manhattan office market’s overall vacancy rate rose to a 24-year high of 13.3% in the third quarter (iStock)

Cushman & Wakefield paints bleak picture for Manhattan office market

Cushman & Wakefield paints bleak picture for Manhattan office market
Travis Kalanick (Getty; iStock)

Travis Kalanick cooks up a real estate empire

Travis Kalanick cooks up a real estate empire
Nightingale's Elie Schwartz and Madison's Brian Shatz (Whale Square)

Nightingale buys Whale Square in Sunset Park for $84M

Nightingale buys Whale Square in Sunset Park for $84M
Investors worry that New York City’s battered commercial real estate sector is indicative of larger issues nationwide with hotels, restaurants and retail. (iStock)

New York’s CRE woes could spread nationwide: investors

New York’s CRE woes could spread nationwide: investors
Subversive CEO Richard Acosta (Photos via ICSC; iStock)

Riding high: Inception, Subversive to launch publicly traded cannabis REIT

Riding high: Inception, Subversive to launch publicly traded cannabis REIT
Gov. Andrew Cuomo announced that movie theaters in some New York counties can reopen, but NYC’s theaters are excluded for now. (Getty; iStock)

Cuomo: Movie theaters can reopen — but not in NYC

Cuomo: Movie theaters can reopen — but not in NYC
Blackstone’s Stephen Schwarzman, Roku CEO Anthony Wood and Coleman Highline in San Jose (Blackstone; Wikipedia Commons; Coleman Highline)

Blackstone buys Roku’s Silicon Valley office buildings

Blackstone buys Roku’s Silicon Valley office buildings
arrow_forward_ios

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

Loading...