Gotham gets a $218M loan for the Ashland

Mortgage consolidates loan with previous debt on Brooklyn project

250 Ashland Place
250 Ashland Place

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.

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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.