Fortress Credit Corporation, a division of Fortress Investment Group, is launching a deal to supply New York area firm Cohen Brothers Realty with 533.6 million dollars in loans. The money will work to pay for properties in New York and Fort Lauderdale for the company, which is currently facing a financial squeeze.
Cohen Brothers Realty, led by billionaire Charles Cohen, is facing financial issues because of a few unsuccessful endeavors. However, the firm is refinancing several properties through Fortress to help deal with the matter.
Fortress Investment Group provided 100 million dollars to refinance an office building for the Cohen Brothers, with 90 million dollars in debt and 10 million dollars in a gap loan combined. Builders nestled the property on Billionaires’ Row in Manhattan.
Additional money, to the tune of 251 million dollars, goes to property in Broward Country in Florida. The funds used there will go to a hotel and campus, which is near the Fort Lauderdale airport. Fortress Investment Group is supplying this loan to help ease the damages the Cohen Brothers face because of a lack of success with the property. A company tied to Fortress Investment Group refinanced the defaulted mortgage for 112 million dollars.
Another loan in the package is for Doral Arrowwood Resort in New York. It is a golf resort that ceased operations in 2020, remaining empty since, and Cohen plans to redevelop the property into luxury housing.
Besides real estate, Cohen loves movies and owns a movie theater chain, though the industry is also going through a tough time these days. Cohen’s movie theater firms are borrowing from Fortress as well. Go Here for related Information.