Fortis Property Group through the entity Fortis Dumbo Acquisition, LLC as borrower signed a condo construction loan refinance with lender G4 Capital Partners through the entity G4 18217, LLC valued at $254.8 million for the 76-unit project at 30 Front Street in Dumbo, Brooklyn.
Simultaneously with the loan, G4 Capital Partners borrowed $207.5 million from Madison Realty Capital through the form of a participation loan. Madison Realty Capital had been the prior lender, having provided a $162.8 million construction loan.
The deal closed on November 19, 2021 and was recorded on December 23, 2021.
The property has 362,940 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $702 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on December 12, 2018, for $91.1 million.
The signatory for Fortis Property Group was Joel Kestenbaum. The signatory for G4 Capital was co-founder Robyn Sorid. Henry Bodek of Galaxy Capital arranged the financing.
This includes $12.3 million in new debt added to a previous construction loan. The Commercial Observer reported the 76-unit development is expected to be completed some time next year, and that the loan total is $284 million.
There was a condominium project filed with the address 30 Front Street and the name Olympia Dumbo Condominium on July 10, 2020. The principals of the sponsor, Fortis Dumbo Acquisition, Llc, were Joel Kestenbaum and Jonathan Landau. link
Within a 400-foot radius of 30 Front Street, PincusCo identified one commercial real estate item of interest occurred over the past 24 months.
It was a loan which Two Trees Management borrowed $36 million from Wells Fargo secured by the 123,700-square-foot, 26-unit rental (D7) on 66 Water Street and three other properties on December 4, 2019.
Direct link to Acris document. link