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

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

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

The sites at 1900 Shore Parkway, 1894 Shore Parkway along Bay 41st Street in Gravesend (Credit: Google Maps)

Abraham Fructhandler’s FBE buys South Brooklyn sites for $58M

From left: 172 Madison Avenue, 100 East 53rd Street, Woolworth Tower, 53 West 53rd Street, 615 10th Avenue

Loan wolves: Bankers are stalking developers as debts come due

Pope Francis (Credit: WIkipedia, iStock)

Unholy real estate strategy: Catholic churches shuffle properties to shield billions from sex abuse victims, report says

(Credit: iStock)

Real estate created the Chinese elite. Here’s what happens next

160 Imlay Street

Est4te Four gets $74M inventory loan for Red Hook condo

As crowdfunding startups rethink their business model, many are becoming more like traditional real estate investment firms (Credit: iStock)

To survive, crowdfunding firms are remaking themselves