Treeline Companies signs $55.8M refi with Fortress for office in Brooklyn Heights

Treeline Companies through the entity 195 Montague Owner LLC as borrower signed a refi loan with lender Fortress Investment Group through the entity Fortress Credit Co LLC valued at $55.8 million for nine condo units at the office building (CC) at 195 Montague Street in Brooklyn Heights, Brooklyn.
The deal closed on September 17, 2021 and was recorded on October 5, 2021.
The nine condo units have 109,408 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $509 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 signatory for Treeline Companies was Michael I. Schor.
(321357839)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 4, 2017.

Within a 400-foot radius of 195 Montague Street, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, one was in new building development. It was a new building permit issued on February 5, 2021 for a 110,000-square-foot R-2 building with 121 residential units at 200 Montague Street.
Of those 11 items, three were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $626,000 and two initial temporary certificate of occupancy issuances for projects that initially costed $657,507. The most recent of these three items was the permit on September 1, 2020 for a 220,991-square-foot B building with no residential units at 195 Montague Street.
Of those 11 items, seven were loans above $5 million totaling $320.5 million. The most recent of the seven was Aurora Capital Associates and Midtown Equities which borrowed $43.5 million from Centennial Bank secured by the development site (V1) on 200 Montague Street on August 24, 2021.

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