NKF Locks Down $66M Mezz Loan for Fortis’ 1 Seaport

reprints


Fortis Property Group has landed a $66 million mezzanine loan from Mack Real Estate Credit Strategies for the partial recapitalization of its 1 Seaport luxury condominium tower, Commercial Observer has learned.

SEE ALSO: Signature Bank, Keysite Capital Provide $78M Refi for Morningside Heights Portfolio

NKF Capital Markets’ Dustin StollyJordan Roeschlaub and Nick Scribani negotiated the debt with Mack’s Kevin Cullinan and Jared Horowitz.

“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.

1 Seaport—also known as Seaport Residences—is a 98-unit residential tower at 161 Maiden Lane. Seventy-two units are already under contract and the anticipated sell-out value of the building is more than $275 million.

Soaring 60 stories above the Seaport District, the 670-foot glass tower—also known as Seaport Residences—offers residents floor-to-ceiling windows and unobstructed views of the East River and city skyline. The development is the Seaport District’s first condominium tower and, when completed, it will be the tallest waterfront tower in New York City.

“From their condominiums, residents will enjoy stunning views that rarely become available in Manhattan,” Roeschlaub noted. 

The tower’s narrow lot dimensions dictated its width, but also happily allowed for its dramatic views. “There wasn’t really the option to make a wider building,” Fortis CEO Jonathan Landau told Commercial Observer in an interview last November. “It forced us to build a design that enabled us to capture all those great views,” with Fortis and Hill West drawing up floor-to-ceiling “window walls” on the three sides of the tower facing out away from Manhattan.

The property features a two-story entrance and includes two amenity floors overlooking the East River. A swimming pool with an infinity edge spans the entire 30th floor, while the sixth floor is dedicated to fitness activities for adults and children. Its spa offers 360-degree view, while its “hydrotherapy circuit” includes a steam room, a misted water passageway and a sauna with a floor-to-ceiling window overlooking New York Harbor.

1 seaport NKF Locks Down $66M Mezz Loan for Fortis 1 Seaport
1 Seaport. Rendering: NKF Capital Markets

Construction began on the tower, designed by Hill West, in July 2016. It is among the fastest-selling recent projects for Douglas Elliman and all sale contracts to date have been executed at listing and without discount, according to information from NKF.

Indeed, Million Dollar Listing star and Douglas Elliman broker Fredrik Eklund purchased a 2,000-square-foot duplex at the property for $4.6 million in May 2017, according to Curbed New York.

Officials at Mack weren’t immediately available for comment. Officials at Fortis didn’t immediately respond to a request for comment.