Fortis Property Group Gets $66M for NYC Condos
- Oct 03, 2018
By Gail Kalinoski
Fortis Property Group LLC has received a $66 million mezzanine loan from Mack Real Estate that partially recapitalizes 1 Seaport, a 60-story, 98-unit luxury condominium tower in Manhattan’s Financial District.
The loan was secured by a NKF Capital Markets team led by Co-Chairmen Dustin Stolly and Jordan Roeschlaub and assisted by Managing Director Nick Scribani. The Mack Real Estate team was led by Kevin Cullinan and Jared Horowitz. Representing Fortis as legal counsel was Eric Schoenfeld, co-chair of Tannenbaum Helpern Syracuse & Hirschtritt LLP’s Real Estate, Construction & Environmental Law group. Founded in 2005, Fortis is a privately held real estate investment and management firm based in Brooklyn that has owned and developed more than $5 billion in commercial and residential real estate.
Located at 161 Maiden Lane, 1 Seaport is also known as Seaport Residences and has sold 72 units at listing and without discounts. The anticipated sell-out of the building is expected to exceed $275 million. It has been among the fastest-selling recent projects for Douglas Elliman.
“Located in the heart of the Financial District, 1 Seaport will provide residents a dynamic living experience that few buildings in the city can match,” Stolly said in a prepared statement.
“From their condominiums, residents will enjoy stunning views that rarely become available in Manhattan,” Roeschlaub added in prepared remarks.
The property overlooks the East River and has two full amenity floors including a hydrotherapy area and a pool that spans the 30th floor. The sixth floor has fitness space and activities for adults and children.
Also in Manhattan, the NKF team of Stolly, Roeschlaub and Scribani along with Chris Kramer recently secured a $125 million loan for the refinancing of Tower 56, a Class A office building in Midtown at 126 E. 56th St., for owner Pearlmark. The tower, which has undergone an extensive capital improvement by Pearlmark, is currently 92 percent occupied.
1 Seaport isn’t the only luxury residential building making news in Manhattan’s Financial District. In September, leasing began at Twenty Broad Street, a 533-unit, luxury adaptive reuse located next to the landmark New York Stock Exchange. The 29-story building was originally constructed as an extension of the exchange in 1956.