Fortis Investment Group to test the first of several senior living facilities in southeast

                 article provided by Fortis Investment Group administrative staff             June 16, 2022                        


Dunn Avenue Senior Living

                                     150 Unit Independent Living & Assisted Living Care Facility

                                                        Jacksonville, Florida

Dunn Avenue Senior Living in Jacksonville Florida

The project is a mixed-use Senior Housing development. It will be located at 3641 Dunn Ave. just east of the I-295 junction with Dunn Avenue in Northwest Jacksonville. It will be the newest and most modern complete Senior Living project in Jacksonville. It will contain 55 independent living units (located in 26 individual duplexes and 1 tri plex buildings), & 95 assisted living suites. The main structure housing the assisted living units will be a three-story building. The total square footage of the project will be approx.139,700.

The project will be designed with residential style finishes and furnishings to attract all levels of income seniors who desire to live in a community with a residential experience and elevated level of quality service. Given the vibrancy and rejuvenation of the Jacksonville area, this is a sorely needed service provided not only for retirees in the area, but also family brought in to live closer to relatives and friends in the Jacksonville area.

It will incorporate the latest innovations in senior housing with the assisted living care and will provide the residents with a resort style setting with a full amenities package. “Dunn Avenue Senior Living will have a competitive market advantage by being able to integrate all levels of retirement needs” stated Dom Marino, Managing Partner at Fortis Investment Group in NYC. “From independent to assisted and, in the future, even long-term care” he added. In addition, a full range of social services, and recreational activities will be offered. The project will be a high quality, modern, fully equipped, and staffed property to provide a superior home and living experience for all residents.

Times Square lands Manhattan’s biggest loan deals in April

Edge Fund Advisors, Jamestown nab combined $1B in Midtown; Rabina’s 5th Ave tower also a top recipient

By Orion Jones May 31, 2022 11:30 AM

520 Fifth Avenue, 1450 Broadway and 1 Times Square (Kohn Pedersen Fox, 1450 Broadway, Bernt Rostad from Oslo Norwayedited by Yarl CC BY 2.0 via Wikimedia Commons)

520 Fifth Avenue, 1450 Broadway and 1 Times Square (Kohn Pedersen Fox, 1450 Broadway, Bernt Rostad from Oslo Norwayedited by Yarl CC BY 2.0 via Wikimedia Commons)

The 10 largest Manhattan real estate loans recorded in April totaled about $1.7 billion, a good $500 million over March’s total and nearly double last April’s amount.

Times Square was the center of some of last month’s biggest deals, including a refinance of the former Bertelsmann’s building and an extension of One Times Square, where the New Year’s Eve ball drops.

Below are more details on the borough’s largest real estate loans in April:

1. Timely refresh in Times Square | $445 million

Edge Fund Advisors and HSBC, owners of 1540 Broadway, the 44-story former Bertelsmann Building in Times Square, received $445 million to refinance the senior loan for the office portion of the building. The lenders were Apollo Global Management, Michael Dell’s MSD Partners and Monarch Alternative Capital. The loan included $96 million of new debt, for a total refinancing package of $590 million.

Developed by Bruce Eichner in the late 1980s for the German media conglomerate Bertelsmann, the project fell into bankruptcy in the early 1990s but its owners recently spent $40 million on amenities and energy-efficiency upgrades. Vornado Realty Trust owns the retail portion of the building.

2. Mixed-use muscle | $410 million

Bank OZK provided $410 million, including $300 million in construction loans, to Rabina for its 70-story tower underway at 520 Fifth Avenue in Midtown. Carlyle’s Global Credit business contributed $130 million at the mezzanine level, for a total amount of $540 million. The debt from Bank OZK replaces an acquisition loan used by Rabina to buy the land for $205 million in 2019. The tower will be Fifth Avenue’s second-tallest after the Empire State Building and will include 98 residences across 16 floors, plus offices and retail.

3. Party hats on | $290 million

JPMorgan Chase loaned $290 million, including $128 million in construction funds, at One Times Square, where the New Year’s Eve ball drops. Developer Jamestown will reportedly spend $500 million renovating the long-empty building thanks to a total debt package of $425 million. The top of the building is set to receive a new viewing deck and 12 floors of the 118-year-old building will be opened to the public.

4. Healing the Hayworth | $160 million

JPMorgan Chase loaned Zeckendorf Development $159.7 million, including $23 million in new project loan debt, for its purchase of the Hayworth, a 61-unit condo project at 1289 Lexington Avenue on the Upper East Side. Zeckendorf bought the building from the U.K.-based lender Children’s Investment Fund, which took control of the property from Ceruzzi Development through a foreclosure auction in January.

5. Meatpacking loan | $123 million

German bank Deutsche Pfandbriefbank loaned $123.4 million to Aurora Capital Associates at 809 Washington Street, an office building in the meatpacking district, including $63 million in new debt that will cover a renovation and expansion of the property. The loan replaces debt held by JPMorgan Chase.Read more

6. Sunrise, sunset | $80 million

Fortress Investment Group is now the senior lender at 141 East Houston Street, a new boutique office building on the Lower East Side, after providing a $79.6 million loan package that includes $31.6 million in fresh funds for developer East End Capital to finish construction. The office property replaces the Sunshine Cinema, which closed in 2018.

7. Art Deco refi | $70 million

The real estate lending arm of insurer MetLife provided $70 million in loans to Rose Associates for the refinancing of 21 West Street, a 33-story Art Deco residential building in the Financial District with 293 units. The loan replaces debt held by insurance company Axa Equitable Life Insurance.

8. Chetrit goes shopping | $63 million

Madison Realty Capital loaned $63 million to the Chetrit Organization for its purchase of 275 Cherry Street, a Two Bridges development site also known as 265 South Street, from CIM Group and L+M. Plans call for a two-towered building on the site with 1,300 residential units.

9. Ladder in Soho | $57 million

Ladder Capital plunked down $57 million to take over as senior lender at 446 Broadway, a boutique office and retail building in Soho owned by KPG. The total financing comes to $64 million including additional funding from Heitman. Building tenants include post-production video company Cabin Editing, Danish corporate networking company The Org and online equity investing firm Rally.

10. NoMad world | $47 million

New York Community Bank loaned Stellar Management $46.7 million to refinance its 99,000-square-foot office building at 44 West 28th Street in NoMad. The loan replaces debt previously held by Signature Bank. Artsy poster museum Poster House is the ground-floor tenant.