JLL Arranges Loan to Refinance 298 Mulberry Street in New York
JLL secures refinancing from MetLife Investment Management for ownerships’ 96-unit mixed-use asset
NEW YORK, February 21, 2020 — JLL Capital Markets has successfully arranged a loan to refinance 298 Mulberry Street, a 96-unit, mixed-use asset located in New York’s NoHo neighborhood. The group worked on behalf of Broad Street Development LLC, a leading New York-based real estate developer, investor and operator, and a private real estate fund advised by Crow Holdings Capital to place the loan with MetLife Investment Management (MIM).
Located one block south of Bleecker Street on the prominent corner of Mulberry and Houston streets, the seven-story luxury residential building offers 96 market-rate rental apartments on the upper floors and 11,425 square feet of retail on the ground floor. The majority of the retail space is occupied by CVS. 298 Mulberry underwent a capital improvement program, which included luxury apartment interiors, featuring wide-plank white oak flooring, spa-like bathrooms, waterfall Carrera kitchen countertops and stainless-steel kitchen appliances, as well as walk-in closets with 15 units boasting renovated, private outdoor terraces. In addition, 298 Mulberry Street offers a sophisticated and modern lobby, attended by a 24-hour doorman, an on-site fitness center, laundry room and parking.
The property is situated at the nexus of NoHo, SoHo, Greenwich Village and the Lower East Side, some of the most desired residential neighborhoods in Manhattan. Surrounded by beloved downtown neighborhood institutions like Balthazar, the Bowery Hotel, Angelika Film Center, Washington Square Park and SoHo’s world-class retail, 298 Mulberry is also well located within one of New York City’s emerging cultural hubs, with landmarks like the New Museum and Sperrone Westwater Gallery nearby. The Broadway-Lafayette and Bleecker Street subway stations are located directly across the street and the Prince Street station is within two blocks, affording residents convenient access to seven train lines and providing express access to every major commercial and leisure hub in the city.
Broad Street Development has been a major investor in the area, with the firm’s ground-up new luxury condominium, 40 Bleecker Street, opening in 2020. 40 Bleecker will be anchored by its own exciting collection of retailers that will enhance the neighborhood, including Clean Market, the groundbreaking wellness destination that offers IV drips, infrared saunas, and cryotherapy.
“JLL and MIM provided a seamless transaction for us, and we couldn’t be more pleased to have MIM join us as our new partner.” said David Israni, senior managing director at Broad Street Development. “We look forward to furthering our successes together on this best-in-class asset.” 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.”
The JLL Capital Markets professionals handling the refinancing include Executive Managing Director Mike Tepedino, Senior Managing Director Michael Gigliotti, Associate Nicco Lupo and Analyst Tom Sullivan.
“298 Mulberry Street is the only rental/elevator building of this scale to boast a 24-hour doorman in the neighborhood,” Gigliotti said. “Its location will stand the test of time and the owners have done a spectacular job with the asset.”
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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Broad Street Development LLC
Broad Street Development (“BSD”) is a privately held, New York-based real estate developer, investor and operator founded in 2004 by Raymond Chalmé and Daniel Blanco, each bringing over 20 years of institutional real estate experience in acquisitions, finance, development, management, sales and leasing. BSD is recognized for its hands-on approach to each of the firm’s assets including; due diligence, acquisition, design, construction, property management, marketing, sales, leasing, tenant relations and disposition. BSD’s current and previously owned commercial properties include 61 Broadway, 55 Broadway, 370 Lexington Avenue, and 80 Broad Street. The firm’s portfolio has totaled approximately two million square feet of space, in addition to 650 apartment units between eight residential buildings over the company’s extensive history.
About Crow Holdings Capital
Crow Holdings Capital is the real estate investment management company of Crow Holdings. Led by a highly experienced team, Crow Holdings Capital manages over $10 billion of real estate assets through its series of eight flagship value-add funds invested across property types in the United States, as well as its specialized fund strategies for retail, self-storage and multifamily. Crow Holdings is a privately owned real estate investment and development firm with a 70-year history and a proven track record of performance, partnership and innovation.