Brooklyn Residential Tower Lands $218M Refi

Located in Brooklyn Cultural District Fort Greene, the Gotham Organization's 586-unit Ashland offers residents a wide range of amenities, including a 17,000-square-foot Gotham Market.

Wells Fargo Multifamily Capital provided $217.5 million in refinancing for the Ashland in Brooklyn, N.Y., a 53-story residential tower owned by the Gotham Org. The lender then securitized the 30-year, fixed-rate loan through Fannie Mae’s multifamily MBS program.

Completed in 2016 and designed by SPAN Architects, the property is a 586-unit mixed-income multifamily building. The 547,000-square-foot tower includes 11,500 square feet of cultural office space and 17,000 square feet of retail, leased to Gotham Market. It encompasses studios, one-, two- and three-bedroom apartments, with 282 units set aside for low- and moderate-income households. 

Desirable amenities

The Ashland offers its residents multiple high-end features and lifestyle amenities, including:

  • Stainless steel appliances
  • Oak plank wood floors
  • Floor-to-ceiling windows
  • State-of-the-art fitness studio
  • Outdoor fitness area
  • Outdoor screening area
  • Multiple indoor lounges
  • Children’s playroom
  • Stroller parking
  • Bike storage
  • Refrigerated storage
  • Outdoor movie screening area
  • Rooftop lounge
  • Demo kitchen
  • BBQ area
  • Billiard room
  • 24-hour attended lobby

Located at 250 Ashland Place in the borough’s Fort Greene cultural district, the asset overlooks Manhattan, Governor’s Island, Brooklyn and Queens. Neighborhood amenities include multiple entertainment options, as well as restaurants, bars, retailers, service providers and landmarks. Atlantic Terminal provides easy access throughout the entire area.

Greystone Bassuk CEO Richard Bassuk and President Drew Fletcher brokered the loan transaction.

Gotham’s dynamic and innovative approach to developing in emerging neighborhoods has made it one of New York City’s most highly regarded and successful developers,” Fletcher said in a prepared statement. “The Ashland is yet another example of Gotham’s ability to create artfully-designed buildings that contribute to and enhance the neighborhoods in which they are situated.

Photos via www.theashlandbk.com