The location is unbeatable, especially for the price - you can literally see St. Mark's cathedral from your window, and the walk to the square is under 90 seconds. You can hear the bells from the church every hour (something to note if you're a light sleeper, but I had no issue with it!) Though the loft is part of a shared apartment, there is privacy from the other rooms - the only thing shared is a small kitchen, and we never saw or heard the other guests even though the apartment was booked that weekend.
My only complaint was mosquitos. It's not the Loft's fault--Venice is notorious for them since it's on the water. However, the the first night, even though we shut the windows we received dozens of bites and had difficulty sleeping from their buzzing. The hosts gave us a deterrent device that helped during the day, but several more appeared that night. However, when the problem persisted, the hosts were very responsive, and got us more devices, spray, and other assistance as soon as we asked even though it was late. They expressed the issue had never happened before and I believe as long as you come prepared for this, your stay will be lovely.