An affiliate of The Gotham Organization borrowed $217.5 million in permanent financing for The Ashland, a new 53-story tower with 586 apartments that has now stabilized in Downtown Brooklyn.

“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,” said Drew Fletcher, president of Greystone Bassuk, which served as exclusive advisor on the transaction.

Wells Fargo Multifamily Capital provided the 30-year fixed-rate loan, securitized through Fannie Mae’s multifamily MBS program to the tower at 250 Ashland Place. Of the 586 apartments, 282 units are permanently set aside for low and moderate income households.

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