One Seaport Construction Loan For Sale

161 Maiden Lane and Fortis CEO Jonathan Landau (Google Maps; Fortis)

161 Maiden Lane and Fortis CEO Jonathan Landau (Google Maps; Fortis)

UPDATED, 11:15 a.m., Oct. 5: A $120 million non-performing construction loan tied to Fortis’ One Seaport condo in the Financial District is up for sale.

Newmark Knight Frank is marketing the construction loan originated by Bank Leumi USA. Investors can purchase the loan, which is “secured by the fee simple interest” of the 98-unit condominium building at 161 Maiden Lane, according to marketing materials.

About $90 million of the $120 million of the construction loan has been funded, according to the brochure.

Newmark Knight Frank’s Brett Siegel, Evan Layne and Brock Cannon are marketing the loan.

The sale is another sign of trouble at the 60-story building, which has been under construction since 2016. It’s been at the center of litigation between the developer Fortis and its contractor Pizzarotti over a “slight misalignment” that resulted in the tower leaning

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