Broad Street Development Lands $68M Refinancing for NoHo Multifamily
Broad Street Development, a New York-based multifamily developer, investor and operator, in a joint venture with Crow Holdings Capital, a private real estate fund, has landed a $68.5 million loan from MetLife Investment Management to refinance a 96-unit, residential mixed-use at 298 Mulberry St.
NEW YORK CITY - Broad Street Development, a New York-based multifamily developer, investor and operator, in a joint venture with Crow Holdings Capital, a private real estate fund, has landed a $68.5 million loan from MetLife Investment Management to refinance a 96-unit, residential mixed-use at 298 Mulberry St.
Situated in the NoHo neighborhood in Lower Manhattan, the mixed-use property boasts 11,425 square feet of ground-floor retail and 96 market-rate rental apartments. CVS occupies most of the retail space.
The joint venture recently executed a capital improvement program at the property, which included the installation of luxury interiors, which include new flooring and stainless steel appliances.
Broad Street is a major investor in the submarket, with the firm’s ground-up new luxury condominium at 40 Bleecker Street set to open in 2020. Retailers at that property include Clean Market, a wellness retailer that offers IV drips, infrared saunas and cryotherapy.
“We look forward to furthering our successes together on this best-in-class asset,”said David Israni, senior managing director at Broad Street, in a prepared statement. Currently, rents at 298 Mulberry begin at $3,700 for a studio apartment, $5,000 for a one-bedroom unit and $7,500 for a two-bedroom apartment. “We will continue to make it a fantastic place to live and a wonderful experience for our residents.”
Jones Lang LaSalle’s capital markets team worked on behalf of Broad Street and Crow Holdings Capital, which include Executive Managing Director Mike Tepedino, Senior Managing Director Michael Gigliotti, Associate Nicco Lupo and Analyst Tom Sullivan.