JLL Capital Markets arranged the $49.5-million sale and $30.5 million in acquisition financing for 640 Broadway, a boutique, mixed-use multifamily property located in NoHo. JLL represented the seller, U.S.-based real estate investment trust Acadia Realty Group, and procured the buyer, New York investment firm Pamera North America, in partnership with local operator Targo Capital. JLL arranged the financing with Citi Private Bank.
Situated on the corner of Broadway and Bleecker Street, 640 Broadway is a renovated, nine-story, 53,439-square-foot property with loft-style residential units and 4,200 square feet of ground-floor retail space, which is 100% leased to tenants including UPS, Two Hands Café and Van Leeuwen Ice Cream.
A JLL team including Steven Rutman, Jeffrey Julien, Rob Hinckley and Ethan Stanton arranged the sale. The debt team was led by Michael Gigliotti, Stephen VanLeer, and John Flynn.
Rutman said, “640 Broadway presents the buyer with a tremendous opportunity to capitalize on continued demand for well-appointed homes in exciting pockets of the city, and we are thrilled to have worked with all parties on this win-win transaction.”
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