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Essex Crossing developer lands $161M to refi rental building
Wells Fargo and Goldman Sachs provided the debt
Delancey Street Associates just landed a $161 million refinancing package for its market-rate, mixed-use rental building at Essex Crossing.
The developer, a joint-venture partnership between BFC Partners, L+M Development Partners, Prusik Group and Taconic Investment Partners, received a $93 million loan from Wells Fargo for the Rollins, an apartment building at 145 Clinton Street named for jazz tenor saxophonist Sonny Rollins, the New York Post reported. Goldman Sachs also provided $68 million through its commercial mortgage-backed securities group for the retail portion of the building.
JLL Capital Markets’ Jonathan Schwartz, Mark A. Fisher and Sean Bastian represented the developer on the refinancing deal.
Roughly 10,500 square feet of the Rollins’ retail portion remains available. Trader Joe’s and Target, as well as Spectrum are leasing space at the building. The 16-story-building has 211 apartments, of which 107 are market-rate.
According to Delancey Associates, a 55-unit condo project at 242 Broome Street — also part of Essex Crossing — is more than 75 percent sold out. Leasing is expected to launch soon at 125 Delancey Street. [NYP] — Kathryn Brenzel