Fortis Property Group no longer owns a nursing facility in Bushwick.
Fortis Investment Group – an affiliate of Fortis Property Group – and Zevi Kohn’s TL Management have sold the 240-bed Buena Vista Continuing Care and Rehabilitation Center at 48 Cedar Street for $70 million. City records reported by PincusCo. The buyer was Solomon Klein, a seasoned nursing home investor.
The 131,000-square-foot property is selling for about $531 per square foot. Klein secured a $52 million loan from Deutsche Bank and an $8.8 million subprime loan from Capital Funding Group to finance the acquisition.A private lender also provided $13.3 million in loans, according to CoStar data Pulled by Crain’s.
Fortis and TL Management purchased the eight-story property and adjacent 60 Cedar Street from the RiseBoro Community Partnership in May 2020 for $58.8 million. Since then, plans have been submitted for a 145-unit building at 60 Cedar Street, which was not included in the sale to Klein.
People’s United Bank provides $40 million acquisition loan Nursing facilities for 2020. The property opened in 2001.
Fortis did not immediately respond to a request for comment. TL Management and Solomon Klein could not be reached for comment.
Fortis has been busy in Brooklyn and neighboring boroughs in recent years, including its dispute Strikes, Leaning Towers, Foreclosures, and Fraud Allegations.
Olympia Dumbo to start closing this year, a sail-shaped condominium between the Manhattan and Brooklyn Bridges. Although the 76-unit, 33-story building is still under construction, the first residents moved into 30 Front Street in February, with an estimated $404 million in sales. It is expected to be the most expensive condominium project per square foot in the district.
— holden warner
