On behalf of an affiliate of Metro Loft, the development firm controlled by Nathan Berman, JLL’s Capital Markets experts secured $125 million in acquisition and pre-development financing and $45 million in preferred equity for 20 Broad Street.
The 29-story office building, located in the Financial District, will be converted to a mixed-use Class A multifamily and retail asset.
An investment bank and Alliance Bernstein provided the financing and Vanbarton Group supplied the preferred equity.
Managing Director Max Herzog led the JLL team on the transaction.
“With Manhattan land and property prices on the rise, it’s challenging to identify residential rental projets that make economic sense,” said Herzog.
“Metro Loft was able to secure one of the best located properties in the booming financial district to convert it into a profitable, class-A rental property. Given their experience converting large downtown office properties to multifamily properties, the lending market’s response to this financing opportunity was extremely positive.”
The completed conversion will include over 500 multifamily units and up to five floors of retail space featuring frontage on three streets. The property is located near a number of restaurants, retail, cultural attractions and transit, and receives a tremendous amount of foot-traffic.