Fortis gets $162.8M construction loan from Madison Realty for $375M condo project in Dumbo

Fortis Property Group through the entity Fortis Dumbo Acquisition, LLC as borrower signed a loan agreement with lender Madison Realty Capital through the entity 1 York Street 1 LLC valued at $162.8 million for 1 parcel, including the tax class unlicensed parking lot (G7) at 30 Front Street in Dumbo. The deal closed on October 2, 2020 and was recorded on October 19, 2020.

The property has 180,944 square feet of available development rights.

This is a supplemental construction loan. Madison in this package added a $120.8 million building loan and a $42 million project loan. Madison had already provided Fortis a $92 million acquisition and construction loan in 2018. In February 2019, Madison in turn borrowed an undisclosed amount from Signature Bank to finance that earlier loan. The last time the property sold was December 12, 2018, when Fortis bought it for $91,113,000. The developer plans to build residential condos.

In July 2020, Fortis filed with the New York State Attorney General a 76-unit residential project called Olympia Dumbo with a sellout of $374.8 million with the file number CD200174.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $419,000.There have been 2 new building permit applications totaling 283,488 square feet. Those plans include a total of 78 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link