September 13, 2017 Comments Off on Madison Provides $297M Construction Loan for Brooklyn Project Views: 1117 National News, Top National

Madison Provides $297M Construction Loan for Brooklyn Project

Connect Apartments is planned for September 28th in Los Angeles. Here’s where to get more information and register.

Fortis Property Group secured a $297-million construction loan via Madison Realty Capital for River Park, a mixed-use project in Brooklyn. Planned as a three-building development totaling 325,000 square feet, River Park will include 172 luxury condominiums, nearly 70,000 square feet of community facility space and 328 parking spaces.

The new loan proceeds will be used to retire a previous bridge loan, and also complete construction of three residential condominium buildings. That includes 1 River Park, a waterfront tower at 350 Hicks St., 2 River Park, a high-rise condominium tower at 95 Pacific Street and 5 River Park, a condominium building at 349 Henry St./112 Pacific St.

Fortis Property Group envisions River Park 1, 2 and 5 to serve as anchors to the new Brooklyn Waterfront District, and bring a new level of luxury living to Cobble Hill. The project sits on the former site of the Long Island College hospital.

Connect With Fortis Property Group’s Jonathan Landau

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