Nathan Berman nabs $270M loan for 20 Broad conversion

Bank of Ozarks to pony up $187M construction loan for 521-unit rental

New York /
Dec.December 30, 2016 03:24 PM

UPDATED, Jan. 5, 3:30 p.m.: Nathan Berman’s Metro Loft Management nabbed $270 million in financing for a planned office-to-resi conversion of the former New York Stock Exchange building at 20 Broad Street.

Bank of the Ozarks — which has become one of the most active lenders in New York City real estate in recent years — committed to a $187 million mortgage loan, according to loan documents. The funding also includes $83 million in mezzanine debt from a Brookfield Property Group-sponsored real estate fund. JLL’s Max Herzog arrange the loan for Berman.

Metro Loft paid $185 million to acquire the leasehold for the property last year from Vornado Realty Trust TRData LogoTINY, which operated the building as an office serving the NYSE. The ground lease is in effect until 2081, when the NYSE has the right to take back the building.

In April, Berman’s Financial District-based development firm filed plans to convert 20 Broad into 521 luxury rental apartments, with an additional 90,000 square feet of retail space spread over fives levels.  Permit filings show Metro Loft envisioned an additional six stories to be built atop the 443,260-square-foot, 27-story building.

At that time, Berman told The Real Deal that he planned to spend $100 million to gut renovate the building. He said apartment prices would start at $2,600 a month for studios, with one-bedrooms starting at $6,500 a month.

Berman has converted several other office buildings in the neighborhood into apartments, including 180 Water Street, 17 John Street and 20 Exchange Place. Metro Loft is also behind the conversion of 443 Greenwich Street in Tribeca, a 53-unit condominium that has a penthouse listed for $55 million.

Berman did not immediately return a call seeking comment.


Related Articles

arrow_forward_ios
Rotem Rosen with rendering of 126 E 57th Street (Getty, ODA Architecture)
Rotem Rosen lands $170M construction loan for Billionaires’ Row condo
Rotem Rosen lands $170M construction loan for Billionaires’ Row condo
Naftali Group's Mika Naftali, Len Blavatnik and 470 Kent Avenue (Naftali Group, Google Maps, Mark Neyman / Government Press Office/CC BY-SA 3.0/via Wikimedia Commons)
Naftali, Blavatnik land $385M for big Williamsburg resi project
Naftali, Blavatnik land $385M for big Williamsburg resi project
From left: 25 Water Street, MSD Capital's Michael Dell, MetroLoft's Nathan Berman and GFP Real Estate's Jeff Gural (Getty, Google Maps)
GFP, Metro Loft seek to convert 25 Water Street to 1,200 rentals
GFP, Metro Loft seek to convert 25 Water Street to 1,200 rentals
Silverstein Properties' Larry Silverstein, Metroloft Management's Nathan Berman, Rudin Management's Bill Rudin, and 55 Broad Street (Getty, Google Maps)
Silverstein, Berman extend deadline to close $180M deal
Silverstein, Berman extend deadline to close $180M deal
Francesco Bellini with 175 Water Street
Wealthy Canadian family is mystery buyer of $250M AIG building
Wealthy Canadian family is mystery buyer of $250M AIG building
Dart Enterprises' Ken Dart and 175 Water Street (Getty Images, Google Maps, YouTube/WORLD TOP 10 OFFICIAL)
Reclusive billionaire buying former AIG headquarters
Reclusive billionaire buying former AIG headquarters
Domain Companies CEO Matt Schwartz and 404 and 420 Carroll Street (Google Maps)
Domain lands $176M for 360-unit Gowanus project
Domain lands $176M for 360-unit Gowanus project
55 Broad Street, Metro Loft Management's Nathan Berman, Silverstein Properties' Marty Bulger (Silverstein Properties, Loopnet)
Silverstein, Metro Loft eye resi conversion of 55 Broad Street
Silverstein, Metro Loft eye resi conversion of 55 Broad Street
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...