**JLL Facilitates $49.5M Sale and $30.5M Financing of NoHo Mixed-Use Property**
JLL Capital Markets has successfully arranged the $49.5 million sale and $30.5 million in acquisition financing for 640 Broadway, a boutique mixed-use multifamily property located in the NoHo neighborhood of Manhattan.
The property was sold by U.S.-based real estate investment trust Acadia Realty Group to New York investment firm Pamera North America in partnership with local operator Targo Capital. Financing for the acquisition was provided by Citi Private Bank.
Strategically positioned at the corner of Broadway and Bleecker Street, 640 Broadway is a recently renovated, nine-story building encompassing 53,439 square feet. It features loft-style residential units and 4,200 square feet of ground-floor retail space. The retail component is fully leased to established tenants, including UPS, Two Hands Café, and Van Leeuwen Ice Cream.
The JLL team representing the seller and procuring the buyer included Steven Rutman, Jeffrey Julien, Rob Hinckley, and Ethan Stanton. The debt placement was led by JLL’s Michael Gigliotti, Stephen VanLeer, and John Flynn.
“640 Broadway presents the buyer with a tremendous opportunity to capitalize on continued demand for well-appointed homes in exciting pockets of the city,” said Steven Rutman. “We are thrilled to have worked with all parties on this win-win transaction.”
