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Debt & Equity

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.

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