Fortis Property affiliate borrows $40M from People’s United Bank for purchase of healthcare facility in Bushwick

Louis Kestenbaum’s Fortis Business Holdings which is affiliated with Fortis Property Group, through the entity 48 Cedar Street LLC as borrower signed a loan agreement with lender People’s United Bank valued at $40 million for 1 parcel, including the tax class nursing home (I6) at 229 Evergreen Avenue also known as 48 Cedar Street, in Bushwick. The deal closed on May 5, 2020 and was recorded on May 6, 2020.
The property contains a total of 131,650 square feet of built space.
The average loan per buildable square foot is $304.
The prior debt was $25.8 million from the NYS Dormitory Authority to the prior owner, Riseboro Community Partnership.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link