Gotham Organization secures $217.5M loan for The Ashland rental tower

The Gotham Organization  has secured a $217.5 million loan for The Ashland rental building in Fort Greene.

The property, located at 250 Ashland Place, is a 53-story, 586-unit multifamily building at the corner of Ashland Place and Fulton Street. The tower, designed by SPAN Architects, contains amenities such as a fitness studio, an outdoor fitness area, an outdoor screening area, multiple indoor lounges, outdoor movie screening area, a demo kitchen, a barbeque area, and billiard room. The 17,000+ square feet of retail is occupied by Gotham Market, which houses eight dining and drinking venues and a rotating pop-up space.

”Gotham is extremely proud to deepen its relationships with Greystone Bassuk, Wells Fargo, and Fannie Mae with this financing,” said David Picket, the President of Gotham Organization. “Such a large, complex transaction took a strong partnership between New York City HDC, Wells Fargo, and Fannie Mae, and we thank them for their commitment and dedication to making this project a great success.”

The 30-year fixed-rate loan was originated by Wells Fargo Multifamily Capital and securitized through Fannie Mae’s multifamily MBS program. Greystone Bassuk served as the advisor on the transaction.

Comments are closed

COPYRIGHT 2015 REAL ESTATE WEEKLY. ALL RIGHTS RESERVED.