MetroLoft has secured $170m in financing to refurbish 20 Broad Street in New York City into a mixed-use property. The developer received $125m in acquisition and pre-development financing and $45m in preferred equity for the project. The 29-story office building will be transformed into more than 500 multifamily units and up to five floors of retail space, with frontage on three streets. JLL’s capital markets team led by managing director Max Herzog arranged the transaction, while AllianceBernstein provided the financing. Vanbarton Group contributed to the preferred equity.
“With Manhattan land and property prices on the rise, it’s challenging to identify residential rental projects 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 of converting large downtown office properties into multifamily properties, the lending market’s response to this financing opportunity was extremely positive.”
