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Madison Realty Capital Provides $297 Million Construction Loan For Fortis Property Group's River Park Development In Cobble Hill, Brooklyn


Last update: 14/09/2017

NEW YORK, Sept 14 (Bernama) -- Madison Realty Capital (MRC) announced the closing of a $297 million construction loan for River Park, a 3-building mixed-use development in Cobble Hill, Brooklyn consisting of approximately 325,000 sellable square feet, and including 172 luxury condominium units, 66,900 square feet of community facility space, and 328 parking spaces. MRC, an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets, provided the loan for the project, currently under development by Fortis Property Group, a repeat MRC borrower, on three adjacent sites that formerly comprised the Long Island College Hospital (LICH) medical campus.

"We are very excited to be working with Fortis again on the completion of these Cobble Hill buildings," said Josh Zegen, Co-Founder and Managing Principal of MRC. "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."

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