By Adam Pincus
Apollo Global Management’s Athene Asset Management provided a $250 million loan to Nathan Berman’s Metro Loft Management for its 553-unit rental building at 20 Broad Street in Lower Manhattan, city records show.
The loan replaces a $270 million refinance and construction package given by Bank OZK (formerly Bank of the Ozarks) and a Brookfield Property Group-sponsored fund in December 2016 for the redevelopment of the former New York Stock Exchange office building into rental apartments. Metro Loft acquired a leasehold on the property from Vornado Realty Trust in December 2015 for $185 million. It was not known if there was mezzanine debt included in the new refinancing.
The building contains a total of 466,820 square feet of built space. The average loan per residential unit is $469,043.
The 2016 loan package was composed of a $187 million first mortgage loan from Bank OZK and a $83 million in a mezzanine loan that the Brookfield fund provided.
Metro Loft Management is a major owner and developer of residential apartments, with a concentration in Lower Manhattan. The loan includes $63 million in new recorded debt above the recorded construction loan.
The individual lenders for the new loan include Athene Annuity and Life Company and American Equity Investment Life Insurance Company, city records show. Athene is a subsidiary of Apollo Global Management, the large private equity firm.
The DOB issued an initial temporary certificate of occupancy for the building on September 10, 2018, city records show. Take-out loans such as this are typically issued after a newly redeveloped or newly built building is substantially leased up.
Direct link to Acris document — link .
Direct link to the city’s interactive property map, ZOLA — link .