Greystone Bassuk Arranges $217.5 Million Refinance for Gotham’s 53-Story Rental Tower at 250 Ashland Place in Brooklyn, NY

New York, New York, UNITED STATES


NEW YORK, Nov. 08, 2017 (GLOBE NEWSWIRE) -- Richard Bassuk, Chief Executive Officer, and Drew Fletcher, President, of Greystone Bassuk, today announced the closing of a $217,500,000 permanent loan made to an affiliate of The Gotham Organization (“Gotham”) for The Ashland, a 53-story, 586-unit “50/30/20” mixed-income multifamily rental apartment building. The 30-year fixed-rate loan was originated by Wells Fargo Multifamily Capital and securitized through Fannie Mae’s multifamily MBS program. Greystone Bassuk served as exclusive advisor on the transaction.

The Project is located at the intersection of Ashland Place and Fulton Street in Brooklyn’s Cultural District in Fort Greene, featuring world-class culture and entertainment options, dining, shopping and extensive transportation access (via Atlantic Terminal). The 53-story Project contains 586 units with approximately 547,000 gross square feet including 11,500 square feet of cultural office space and 17,000 square feet of retail. Of the 586 units, 282 units are permanently set aside for low and moderate income households. 

Designed by SPAN Architects, the building features beautifully appointed modern designs and custom elements: stainless steel appliances, oak plank wood floors, central air, and floor-to-ceiling windows offering spectacular views of Manhattan, Governor’s Island, Brooklyn, Queens and the water. Full service amenities include the state-of-the-art fitness studio and an outdoor fitness area, outdoor screening area, multiple indoor lounges, curated art, playroom, stroller and bike room, complimentary membership to BAM, refrigerated storage, outdoor movie screening area, demo kitchen (featuring complimentary continental breakfast Monday-Friday), barbeque area, and billiard room. The 17,000+ square feet of retail is occupied by Gotham Market, featuring eight dining and drinking venues, and a rotating pop-up space. The market brings the modern dining hall concept to Brooklyn and serves as a major draw for residents.

“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,” said Mr. Fletcher. “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. We are thrilled to have represented Gotham on this exciting transaction.”

”Gotham is extremely proud to deepen its relationships with Greystone Bassuk, Wells Fargo, and Fannie Mae with this financing,” said David Picket, President of Gotham Organization. “Such a large, complex transaction took a strong partnership between New York City HDC, Wells Fargo, and Fannie Mae, and we thank them for their commitment and dedication to making this project a great success.”

About Greystone Bassuk
Greystone Bassuk is a full-service real estate capital intermediary and advisory firm serving a select group of the most prominent real estate owners and developers in New York City and across the U.S.  Greystone Bassuk is an affiliate of Greystone, a leading national provider of commercial real estate loans and financial services, including innovative debt and equity financing solutions, and EB-5 loans.

About Greystone
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance. Its range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge, EB-5 and other proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. All securities sold through Greystone Broker Dealer Corp., member FINRA and SIPC. For more information, visit www.greyco.com

About the Gotham Organization
Gotham is a 5th generation New York-based family real estate developer, owner and manager with a legacy dating back over a century.  Gotham has built over 40 million square feet of space, including office buildings, hospitals, schools, retail centers, and 35,000 apartments. The firm currently owns/is developing 4.1 million square feet, of which it manages 2.3 million square feet of residential, commercial and retail properties.

PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@Greyco.com