Fortis Property Group has taken out a $ 162.8 million construction loan for Olympia, a 31-story project with 74 condominium units in the DUMBO neighborhood of Brooklyn. Madison Realty Capital is behind the financial package, according to public records.

The borrower paid $ 91.1 million to acquire the 1 acre parcel at 30 Front Street, then used as a parking lot, from Jehovah’s Witnesses in 2018. Fortis inaugurated the development in June 2019 and the vertical construction was completed. started in July this year, according to New York YIMBY. The project, which is estimated to cost $ 300 million, is expected to be completed in 2021, The real deal reported.

Hill West Architects and Workstead are designing the skyscraper, which will have 20,000 square feet set aside for amenities. The package will include indoor and outdoor swimming pools, a fitness center, spa, bowling and tennis court.

Located off Interstate 278, the site is 5 miles south of Midtown Manhattan and four blocks west of CIM Group Before and York, a residential project of 728 units. In May, JPMorgan provided a $ 131.2 million construction development loan.