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United American Land gets $65M mortgage on DoBro building
Financing from Signature Bank will be for commercial condo units at 503 Fulton Street
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.