By Keith Loria, Contributing Editor
New York—MetroLoft, the development firm controlled by Nathan Berman, has received $125 million in acquisition and pre-development financing and $45 million in preferred equity to convert 20 Broad St., a 29-story office building in New York’s Financial District, to a mixed-use Class A multifamily and retail building.
“With Manhattan land and property prices on the rise, it’s challenging to identify residential rental projects that make economic sense,” Max Herzog, JLL’s managing director, said in a prepared release. “MetroLoft 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.”
Once completed, the property will include more than 500 multifamily units and up to five floors of retail space featuring frontage on three streets.
MetroLoft’s has been busy in the Financial District of late, with office-to-residential projects in 17 John St., 20 Exchange Place and 180 Water St.
According to Herzog, given MetroLoft’s experience converting large downtown office properties to multifamily properties, the lending market’s response to the financing opportunity was extremely positive.
The 20 Broad St. building is close by numerous restaurants, retail, cultural attractions and transit, and receives a tremendous amount of foot-traffic.