News December 31, 2018
Top 5 Development Site Trades of 2018
Madison Realty Capital’s deal with Fortis Property Group to help fund a condo project in DUMBO made The Real Deal’s list of 2018’s top 5 development site trades. Fortis purchased the land from the former owners, the Jehovah’s Witnesses, for $91 million, and Madison Realty Capital provided Fortis with a debt investment of $92 million to finance the project’s construction. The sale was part of the Jehovah’s Witnesses larger sell-off of the organization’s real estate holdings in Brooklyn, and the purchase was the fourth-largest of its kind in the city in 2018. When complete, the 26-story building will be home to 74 condos as well as 72,000 square feet of community space.
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