JLL Capital Markets has 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 developer, investor and operator Broad Street Development LLC and a private real estate fund advised by Crow Holdings to place the loan with MetLife Investment Management (MIM). The loan was $68.5 million, according to public documents.
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 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. 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.
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.