JLL arranges $220M financing, preferred equity for downtown Manhattan office-to-apartment conversion
JLL’s Capital Markets group announced today that it has secured $220 million in financing and advised on the procurement and structuring of the equity for the conversion of 55 Broad St., a 30-story office tower located in New York City’s Financial District. The property will undergo a phased conversion into a best-in-class, 571-unit luxury apartment building.
JLL worked on behalf of the borrower, MetroLoft Developers, LLC and Silverstein Properties, to secure the four-year, floating rate loan through Banco Inbursa. In addition, JLL also advised on the procurement and structuring of the equity.
55 Broad St. will feature studios, one-, two- and three-bedroom units and approximately 17,000 square feet of amenity space, including one of only three rooftop pools in a rental property south of Chambers Street, co-working facilities, fitness center and sport simulators. Units will include condominium-level finishes, custom-built kitchens with stainless steel appliances, Italian designer cabinetry and fixtures and in-unit washers and dryers. The property will be one of the first fully electric residential buildings in Manhattan and Local Law 97 compliant, leveraging self-contained heating and cooling systems (HPAC Units). The mechanical renovations will not only bring the building to 100% carbon neutral, but it will allow for the creation of additional residential rentable floor area and amenities.
55 Broad Street is located less than two blocks from the Bowling Green subway station, allowing for quick connectivity to destinations across New York City and the tri-state area. The property is also ideally positioned just a short walk from the Oculus Transportation Hub, providing access to 12 different subway lines and a PATH station. The Connecticut and New York suburbs are easily accessible via connection at Grand Central Station, which is just a 14-minute subway ride from the Wall Street subway station. In addition to convenient transit, the property is centrally located in a true “live-work-play” community. Today’s Financial District offers a commercial office core, as well as a host of fine restaurants, retail boutiques, luxury residential developments, fashionable hotels, parks, and popular cultural attractions. Additionally, residents at 55 Broad Street will benefit from a new Whole Foods supermarket opening only a three-minute walk from the property.
JLL’s Capital Markets Advisory team was led by Senior Managing Director Christopher Peck, Directors Eliott Zeitoune and Alex Staikos. Drew Isaacson, who joined JLL’s Investment Sales Advisory team last week after 2.5 years at Eastdil, was also an integral part in capitalizing the equity in the transaction.
“Post-pandemic demand has shifted the dynamics of the office market and the conversion of 55 Broad St. to a best-in-class residential property reflects this trend,” said Peck. “MetroLoft is a pioneer in the conversion space, having successfully completed 16 conversions spanning over 3M-square-feet and 3,000 units in the Financial District alone. Their partnership with developer Silverstein creates a powerful team to guide this unique project to success.”
