LICH developer bags $297 million construction loan
After a lull period, the acceptance of a $297 million construction loan to Fortis Property Group for its redevelopment at the former Long Island College Hospital (LICH) site in Cobble Hill marks the way for construction of three residential buildings to continue, according to The Real Deal.
Madison Realty Capital lent the sum that Fortis plans to use to complete construction at 350 Hicks St., 95 Pacific St. and 249 Henry St.
Madison was the same firm that provided the $107.3 million for Fortis to buy the site in 2015.
The old campus was rebranded as “River Park,” stirring controversy among neighborhood residents who protested the redevelopment as being out of character with the rest of low-rise Cobble Hill.
The complex is expected to feature 325,000 square feet, 172 luxury condo units, 66,900 square feet of facility space and 328 parking spots, The Real Deal reported.
Supreme Court Justice Johnny Lee Baynes signed the order conveying Fortis the development for about $240 million two years ago. Since then, community members have kept a watchful eye on the construction as the battle against Fortis continues.
Illegal “no parking” signs by contractors and after hours’ variances being issued for late-evening and early-weekend construction are among the annoyances that have kept neighbors of the site on their toes and on the watch.
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