Acadia Realty Trust has successfully secured $33 million in financing for 640 Broadway, a nine-story loft building located in the desirable Noho neighborhood. The loan was provided by Bridge Investment Group, a leading investment firm.
Designed by DeLemos & Cordes in 1896, this pre-war property boasts 21 luxurious rental apartments and over 4,200 square feet of ground-floor retail space. Tenants include popular brands such as Kith Kids, Glosslab and Two Hands. The apartments feature impressive amenities such as high ceilings with barrel-vaulted designs, floor-to-ceiling arched windows and modern appliances including central air conditioning. Additionally, residents can enjoy access to a rooftop terrace and private fitness center.
The borrower was represented by JLL’s debt team led by Stephen Van Leer during the transaction process. According to Leer: “New York’s multi-housing and retail markets continue to demonstrate remarkable strength.” He further added that Acadia Realty Trust’s strategic value-add approach combined with the prime location of this property made it an attractive investment opportunity for lenders looking to diversify their portfolio amidst uncertain times.
This news highlights Acadia Realty Trust’s successful acquisition of $33 million funding for its Noho loft building without mentioning any specific names or affiliations mentioned above.
