Gotham gets a $218M loan for the Ashland

Mortgage consolidates loan with previous debt on Brooklyn project
By Eddie Small | October 17, 2017 02:40PM

The developer of a large residential tower in the Brooklyn Cultural District has received a $217.5 million loan for its project.

Gotham Organization and the Actors Fund secured the loan, which is backed by six condos comprising the 53-story, 586-unit residential building known as the Ashland at 250 Ashland Place, according to property records.

The loan consolidates a new $42.5 million loan with previous debt on the property. Both rounds of funding were provided by the city’s Housing Development Corporation, which assigned the loans to Wells Fargo.

The Ashland was completed in 2016, and rents at available apartments are currently going for between $2,490 and $5,225, according to the development’s website.

Several project are on their way to Downtown Brooklyn, including a 37-story building from JEMB Realty at 420 Albee Square and another component of the City Point development with 458 residential units.