JLL Capital Markets has arranged $33 million in financing for 640 Broadway, a renovated luxury, nine-story, pre-war loft building stretching a full city block on Bleecker Street, between Broadway and Crosby Steet, in Noho.
JLL worked on behalf of the borrower, Acadia Realty Trust, to secure the loan from Bridge Investment Group.
Designed by Macy’s Herald Square architects DeLemos & Cordes in 1896, 640 Broadway features 21 luxury rental apartments, as well as 4,241 square feet of ground floor retail space. The retail space is fully occupied with apparel brand Kith Kids; technology-enhanced salon service Glosslab and growing Australian-themed eatery Two Hands.
Apartments feature 12-foot barrel-vaulted ceilings, arched floor-to-ceiling windows, open loft floor plans, washer and dryers, central air, high-end appliances, built-in wardrobes and soaking tubs. Community amenities include a rooftop terrace and a private fitness center with Technogym equipment designed by Antonio Citterio.
A JLL debt team led by Senior Director Stephen Van Leer represented the borrower in the transaction.
“New York’s multi-housing and retail markets continue to demonstrate remarkable strength,” said Van Leer. “Acadia’s astute value-add strategy coupled with the property’s prime location made it an appealing investment for lenders seeking to diversify their portfolio during uncertain times.”
