Fortis Property Group Buys Time On Downtown Condo Tower With $85M Bridge Loan
The Fortis Property Group has secured an $85M bridge loan secured by the unsold condominiums in the 168-unit luxury tower at 55 Lagrange St. it delivered last year.
A partnership of Gatehouse Capital Partners, Fort Amsterdam Capital and Crayhill Capital Management provided the loan, collateralized by the 102 condos and one retail unit at The Parker Tower.
Fortis put additional equity into the property to secure the inventory loan, which will go to pay down the in-place construction loan, fund the final pieces of construction and provide runway to sell out the remaining condos, according to a press release.
Fortis broke ground on The Parker Tower in 2018 and finished construction in the second quarter of 2022, Multi-Housing News reported. The developer has sold 66 units in the tower since the first units went on sale in January 2022.
“We’re very pleased to deliver this highly-customized and flexible financing solution for Fortis at The Parker,” Gatehouse Capital Partners Managing Principal Jonathan Dembling said in a statement. “This loan will provide our seasoned borrowing partner the opportunity to successfully deliver best-in-class condo residences in a top-tier, supply-constrained Boston market.”
Fortis secured an $87.5M construction loan from Apollo Global Management in 2019 on the project, which was designed by Stantec and has interiors by Zarifi.
The condo tower is in Boston's Midtown neighborhood and overlooks the Boston Common. The tower offers a roof deck, speakeasy-inspired cocktail lounge, billiards room, screening theater and Rob Gronkowski's Gronk Fitness club. The development includes a mix of studio to two-bedroom units.
In April, the tower broke a price record in the city by selling a $5.4M penthouse, the highest price in the Midtown neighborhood and the Theater District. The unit includes four beds and spans 2K SF.
The financing arrangement was negotiated by Galaxy Capital's Henry Bodek.
