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News release

NEW YORK, NY

Residential and Retail Asset Slated for New York’s Financial District

JLL secures $170 million in debt and equity for 20 Broad Street


NEW YORK, Feb. 16, 2016 – On behalf of an affiliate of Metro Loft, the development firm controlled by Nathan Berman, JLL’s Capital Markets experts today announced the firm has 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 New York’s 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 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 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.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.