Fortis’ Olympia Dumbo snags $284M refi

G4 Capital Partners provided loan for Brooklyn development

Fortis Property Group CEO Jonathan Landau and 30 Front Street in Brooklyn (Olympia Dumbo)
Fortis Property Group CEO Jonathan Landau and 30 Front Street in Brooklyn (Olympia Dumbo)

Fortis Property Group scored a $284 million loan for Olympia Dumbo, its 76-unit luxury project.

The loan was provided by G4 Capital Partners and was arranged by Henry Bodek of Galaxy Capital, according to the Commercial Observer. The refinance retires $163 million in construction financing provided by Madison Realty Capital in October 2020.

Fortis acquired the site at 30 Front Street for approximately $91 million in 2018. The Observer reported that construction on the 33-story development is expected to finish some time next year.

Units in the sail-shaped tower designed by Hill West Architects will mark one of the borough’s priciest when the building’s construction is completed.

According to the initial offering plan Fortis filed with the state, the two highest units in the development will ask upwards of $3,000 per square foot. The projected total sellout of the building is nearly $375 million, almost $5 million per unit.

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The average asking price in the development is $2,203 per square foot. According to real estate analytics company Marketproof, it’s the highest average asking price in all of Brooklyn, 7 percent more than Brooklyn Heights’ Quay Tower.

Amenities at Olympia Dumbo include a sauna and spa, yoga room, swimming pools, tennis courts, billiards and bowling lounges.

Dumbo’s most expensive condo unit sale was the Clock Tower penthouse at 1 Main Street, which sold for $15.27 million, or $2,242 per square foot, in 2017 after almost seven years on the market.

Douglas Elliman’s Eklund Gomes Team and Karen Heyman of Sotheby’s International Realty are handling sales at the Olympia Dumbo.

Elsewhere in Brooklyn, G4 Capital Partners recently provided a $77 million construction loan to Lightstone for a 216-room hotel at 353-361 Bedford Avenue in Williamsburg, the developer’s fifth hotel with Moxy, a Marriott International brand.

[CO] — Holden Walter-Warner