NEW YORK CITY—Metro Loft, a development firm controlled by Nathan Berman, has secured $125 million in acquisition and pre-development financing and $45 million in preferred equity for 20 Broad St. The 29-story office building, located in the Financial District, will be converted to a mixed-use Class A multifamily and retail asset.

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.

JLL's capital markets group, led by managing director Max Herzog, represented the developer in procuring the capital. An investment bank and Alliance Bernstein provided the financing while Vanbarton Group supplied the preferred equity.

“With Manhattan land and property prices on the rise, it's challenging to identify residential rental projects that make economic sense,” notes 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.”

Instant Insights /

FiDi Office Tower Nabs Funding for MF Conversion

Related Stories

Recommended For You