Fortis Property Group Lands $163M Brooklyn Venture Mortgage

Fortis Property Group Lands $163M Brooklyn Venture Mortgage

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Brooklyn skyline. Picture by Jeffrey Czum through Pexels.com

Fortis Property Group has taken a $162.eight million building mortgage for Olympia, a 31-story challenge with 74 condominium models in Brooklyn’s DUMBO neighborhood. Madison Realty Capital originated the financing bundle, in accordance with public information.

The borrower paid $91.1 million to accumulate the 1-acre parcel at 30 Entrance St.—then used as a parking zone—from Jehovah’s Witnesses in 2018. Fortis broke floor on the event in June 2019 and vertical building started in July this yr, in accordance with New York YIMBY. The challenge, which has an estimated price ticket of $300 million, is slated for completion in 2021, The Actual Deal reported.

Hill West Architects and Workstead are designing the high-rise, which can have 20,000 sq. ft reserved for facilities. The bundle will embrace each indoor and outside swimming pools, a health middle, a spa, a bowling alley and a tennis courtroom.

Located near Interstate 278, the location is 5 miles south of Midtown Manhattan and 4 blocks west of CIM Group’s Entrance & York, a 728-unit residential challenge. In Could, JPMorgan originated a $131.2 million building mortgage for the event.

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