Nathan Berman’s Metro Loft Developers is set to default on a $250 million mortgage at 20 Broad Street in Manhattan’s Financial District. The building, converted from office space into 533 apartments, faces challenges due to higher interest rates and insufficient cash flow, despite being 98% leased. Originally purchased in 2015 for $185 million, Berman spent $100 million on renovations. Issues such as tenant dissatisfaction with unit layouts and past legal disputes have compounded the difficulties. The lender, Athene Annuity & Life, has not commented on the impending default.
Nathan Berman’s Metro Loft
