Broad Street Realty, through a newly formed subsidiary, has secured an $80 million preferred equity Investment and a property-specific $15 million mezzanine loan from an affiliate of Fortress Investment Group.
In connection with the investment, Fortress joins Broad Street’s board with a director and observer seat. Noah Shore will serve as the board member on Broad Street’s board of directors. The investment from Fortress has provided Broad Street with the capital to complete its previously announced merger of the 98 percent leased 187,000-square-foot Lamar Station Plaza shopping center and its acquisition of 6575 W. Colfax Ave., an adjoining property in Lakewood, Colo. In addition, Broad Street acquired the mixed-use portion of Midtown Row in Williamsburg, Va., which includes 240 student housing units and 64,000 square feet of retail space. The balance of the investment is being used to retire several other loans and a previous preferred investment and to provide working
