Bridge Investment Group Provides $33M Refi for Manhattan Mixed-Use Building
The loan will go toward a 21-unit mixed-use multifamily in Downtown Manhattan
By Brian Pascus September 28, 2023 3:26 pm
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A 127-year-old mixed-use building in the heart of Manhattan has received a fresh infusion of capital.
Acadia Realty Trust, an equity REIT based in New York, has received a $33 million loan to refinance 640 Broadway, a renovated, prewar luxury apartment building with 21 units and more than 4,200 square feet of ground-floor retail space, Commercial Observer has learned.
Bridge Investment Group provided the $33 million loan. A JLL (JLL) Capital Markets debt team led by Stephen Van Leer arranged the transaction on behalf of Acadia Realty Trust.
“New York’s multihousing and retail markets continue to demonstrate remarkable strength,” said Van Leer in a statement. “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.”
Sitting at the nexus of New York University and the bustling SoHo, NoHo and Greenwich Village neighborhoods, 640 Broadway rests among a panoply of restaurants, bars, bookstores and brand-name retail shops. The area is famed for its cobblestone streets, prewar exteriors, wide thoroughfares, and easy access to public transportation.
640 Broadway’s spacious prewar layout has made the units an ideal fit for luxury conversions: 21 residences across nine stories feature 12-foot ceilings, arched floor-to-ceiling windows, built-in wardrobes, and open loft floor plans. Residents can also access a community rooftop and fitness center. The building’s retail space is fully occupied by three tenants: Kith Kids, Glosslab, and Two Hands.
640 Broadway was built in 1896 and designed by DeLemos & Cordes, the same architects of the Macy’s building in Herald Square.
Acadia Realty Trust investment strategy specializes in shopping centers and mixed-use properties with retail components. The firm currently manages core portfolio funds holding more than 200 properties in Chicago, New York, Los Angeles, Washington, D.C., and other U.S. cities.
Brian Pascus can be reached at bpascus@commercialobserver.com
