Fortis Property Group Obtains $297M Construction Loan for 325,000 SF Mixed-Use Project in Brooklyn
NEW YORK CITY — Fortis Property Group has received a $297 million construction loan to develop River Park, a three-building mixed-use project in the Cobble Hill neighborhood of Brooklyn. The 325,000-square-foot project will feature 172 luxury condominium units, 66,900 square feet of community space and 328 parking spaces.
Fortis acquired 18 buildings on three adjacent sites that formerly housed the Long Island College Hospital (LICH) medical campus. The company purchased LICH in 2015 for $240 million from the State University of New York.
Fortis financed the first phase of the acquisition with a $107.25 million bridge loan from Madison Realty Capital (MRC). The new loan proceeds from MRC will be used to retire the previous bridge loan and complete construction of the three luxury residential condominium buildings. This includes a waterfront tower at 350 Hicks St. (“1 River Park”); a high-rise condominium tower at 95 Pacific St. (“2 River Park”); and a contextual condominium building at 349 Henry St./112 Pacific St. (“5 River Park”).
River Park 1, 2 and 5 will anchor the new Brooklyn Waterfront District. Rogers Partners is designing the properties.
Brooklyn-based Fortis Property Group is a real estate investment, operations and development company. It has acquired, developed and managed more than 8 million square feet ($5 billion) of residential condominium, Class A office, multifamily and industrial properties with a focus on the New York, Boston and Dallas metropolitan areas.
MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. The company has invested in about $6 billion worth of transactions in the multifamily, retail, office, industrial and hotel sectors.
— Nellie Day