Fortis Property Group Lands $163M Brooklyn Project Loan

The developer paid more than $91 million in 2018 for the 1-acre site in DUMBO.
Brooklyn skyline
Brooklyn skyline. Image by Jeffrey Czum via Pexels.com

Fortis Property Group has taken a $162.8 million construction loan for Olympia, a 31-story project with 74 condominium units in Brooklyn’s DUMBO neighborhood. Madison Realty Capital originated the financing package, according to public records.

The borrower paid $91.1 million to acquire the 1-acre parcel at 30 Front St.—then used as a parking lot—from Jehovah’s Witnesses in 2018. Fortis broke ground on the development in June 2019 and vertical construction began in July this year, according to New York YIMBY. The project, which has an estimated price tag of $300 million, is slated for completion in 2021, The Real Deal reported.

Hill West Architects and Workstead are designing the high-rise, which will have 20,000 square feet reserved for amenities. The package will include both indoor and outdoor pools, a fitness center, a spa, a bowling alley and a tennis court.

Situated close to Interstate 278, the site is 5 miles south of Midtown Manhattan and four blocks west of CIM Group’s Front & York, a 728-unit residential project. In May, JPMorgan originated a $131.2 million construction loan for the development.