Essex Crossing developers land Wells Fargo loan, kick off phase II

Partners to build 92 apartments for seniors at 140 Essex Street

Rendering of Essex Crossing (Credit: Beyer Blinder Belle)
Rendering of Essex Crossing (Credit: Beyer Blinder Belle)

The Essex Crossing developers secured a $34 million construction loan from Wells Fargo to build an affordable senior housing property, marking the start of the giant Lower East Side project’s second phase.

The building at 140 Essex Street will include 92 studio apartments for seniors making between 0 and 60 percent of area median income, the developers announced Friday.

Wells Fargo is also funding the $45.8 million development through low-income housing tax credits issued by the city’s Department of Housing Preservation and Development.

BFC Partners, L+M Development Partners, Taconic Investment Partners and Goldman Sachs broke ground on the 1.9 million-square-foot Essex Crossing development in 2015. The overall project will include around 1,000 apartments and 850,000 square feet of commercial space.

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140 Essex brings Goldman Sachs’ investment in the project to $500 million, the head of the bank’s Urban Investment Group Margaret Anadu said in a statement.

In July, the partners filed plans for a mixed-use building at 202 Broome Street.

Some developers believe the megaproject could kick off a boutique office boom in the Lower East Side.