United American Land gets $65M mortgage on DoBro building

Financing from Signature Bank will be for commercial condo units at 503 Fulton Street

TRD New York /
Dec.December 20, 2017 03:40 PM

503 Fulton Street and Al Laboz (Credit: Adam Pincus for The Real Deal)

United American Land has landed a $65 million mortgage for commercial condominium units in its Downtown Brooklyn building at 503 Fulton Street.

The mortgage from Signature Bank replaces a $37 million 2015 loan from TD Bank, and the package includes a gap mortgage of $27.5 million.

The mixed-use Fulton Street building is seven stories tall and spans roughly 139,000 square feet. It has 121 residential units and retail spaces occupied by Old Navy and TJ Maxx.

Signature Bank and UAL did not immediately respond to requests for comment.

UAL is also working on an office development in Soho at 419-421 and 423 Broadway that the Landmarks Preservation Commission just approved. The company also recently purchased a four-story mixed-use building at 44 Willoughby Street in Downtown Brooklyn for $11 million and an eight-unit rental building at 85 Chambers Street in Tribeca for $15 million.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Photo illustration of GDSNY CEO Michael Kirchmann, Klövern CEO Rutger Arnhult and 417 Park Avenue (Google Maps, iStock)

Klövern, GDS finance 417 Park Ave with $100M in Swedish bonds

Klövern, GDS finance 417 Park Ave with $100M in Swedish bonds
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
 David Bistricer of Clipper Equity and 77 Commercial Street in Greenpoint (REIT and Google Maps)

Bistricer lands $386M construction loan for Greenpoint project

Bistricer lands $386M construction loan for Greenpoint project
109 East 79th Street and Victor Sigoura (Google Maps; Getty)

Victor Sigoura lands $133M construction loan for UES condo

Victor Sigoura lands $133M construction loan for UES condo
From left: Mapleton Rentals at at 1555-1575 61st Street in Mapleton, 1440 Story Avenue in Soundview, Beard-Van Brunt at 411 Van Brunt Street in Red Hook

Abraham Leser targets $74M refi for Brooklyn, Bronx properties

Abraham Leser targets $74M refi for Brooklyn, Bronx properties
A rendering of 1998 Second Avenue in Harlem and Peter Fine (Credit: GF55 Architects)

Peter Fine inks $70M construction loan for Harlem resi project

Peter Fine inks $70M construction loan for Harlem resi project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...