Rockrose Development Secures $240M Construction Loan For Multifamily In Fort Greene

The multifamily property located at 180 Ashland Place in Fort Greene has recently undergone a significant transaction. The property, which consists of 609 units, has been involved in a loan deal.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $240,000,000
• Lender: Wells Fargo
• Landlord: Rockrose Development
• Date: 05/18/2022

Wells Fargo provided a loan of $240,000,000 for the property located at 180 Ashland Place. The loan is of type construction, indicating that it is intended for financing the construction or renovation of the property.

Rockrose Development, the landlord of the property, played a crucial role in the transaction. Their involvement in securing the loan from Wells Fargo showcases their commitment to the development of the multifamily asset. This loan deal highlights the collaboration between the lender and the landlord to bring forth the necessary financial resources for the construction of the property.