A rendering of Fortis Property Group's River Park development in the Cobble Hill section of Brooklyn. Credit: Fortis Property Group

NEW YORK CITY—Brooklyn-based Fortis Property Group has secured a $297 million construction loan for its redevelopment of the former Long Island College Hospital site in Cobble Hill from a familiar source.

Madison Realty Capital provided the construction loan financing for Fortis' River Park development, a 325,00-square-foot project that will when completed feature 172 luxury condominium units, 66,900 square feet of community facility space, and 328 parking spaces.

Fortis agreed in 2015 to acquire 18 buildings that comprised the former LICH campus for $240 million through a competitive RFP process run by the seller, 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. 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—a waterfront tower located at 350 Hicks St. (1 River Park); a high-rise condominium tower located at 95 Pacific St. (2 River Park); and another condominium building at 349 Henry Street/112 Pacific Street (5 River Park) that are being developed.

Fortis Property Group has acquired, developed, and managed more than $5 billion and 8 million square feet of residential condominium, Class A office, multifamily, and industrial properties. The firm's portfolio is primarily focused in the New York, Boston and Dallas metropolitan areas.

“We are excited to proceed with the construction of our beautiful River Park project,” states Jonathan Landau, CEO of Fortis Property Group. He says that Madison Realty Capital allowed his firm to achieve “excellent leverage at competitive pricing” for the development. “River Park 1, 2 and 5 will anchor the new Brooklyn waterfront district and bring a new level of luxury living to Cobble Hill,” he notes.

Josh Zegen, co-founder and managing principal of MRC, adds, “We believe that the limited product in the Cobble Hill/Brooklyn Heights market, combined with the exceptional product Fortis will deliver, will make this a marquis project for Brooklyn.”

Instant Insights /

Fortis Closes on Nearly $300M Construction Loan for River Park in Brooklyn

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