Fortis Property Group has secured a $297m construction loan from Madison Realty Capital (MRC) for its River Park, a three-building mixed-use development in Brooklyn, New York.
Located at former Long Island College Hospital SITE, the mixed-used project will feature 325,000 sellable sq ft space, including 172 luxury condominium units, 66,900 sq ft of community facility space and 328 slots for car parking.
In 2015, Fortis reached an agreement to acquire 18 buildings for $240m. The takeover also includes include the former LICH campus. Fortis financed the first phase of the acquisition with a $107.25m bridge loan from MRC.
Now, the fresh loan from MRC will be used to pay the previous bridge loan. It will also be invested to conclude the construction of the three-luxury residential condominium buildings, including a waterfront tower located at 350 Hicks Street; a high-rise condominium tower located at 95 Pacific Street; and a contextual condominium building located at 349 Henry Street/112 Pacific Street.
MRC co-founder and managing principal Josh Zegen said: “We are very excited to be working with Fortis again on the completion of these Cobble Hill buildings.
“We believe that the limited product in the Cobble Hill/Brooklyn Heights market combined with the exceptional product Fortis will deliver will make this a marquis project for Brooklyn.”
Fortis Property Group CEO Jonathan Landau said: “We are excited to proceed with the construction of our beautiful River Park project.
“Working together with Josh Zegen and MRC enabled us to achieve excellent leverage at competitive pricing for this landmark development. River Park 1, 2 and 5 will anchor the new Brooklyn Waterfront District and bring a new level of luxury living to Cobble Hill.”