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Gotham lands $218M loan for NYC residential building

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Gotham lands $218M loan for NYC residential building

Developer Gotham Organization Inc. and the Actors Fund secured a $217.5 million loan backed by six condos comprising the Ashland residential building in the Brooklyn Cultural District, N.Y., The Real Deal reported, citing property records.

The loan consolidates a new $42.5 million loan with previous debt on the 53-story project at 250 Ashland Place, which was completed in 2016 and offers 586 residential units, according to the Oct. 17 report. The Housing Development Corp. provided both the loans.