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.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
