Essex Crossing developers sew up $200M in construction financing
Loan will go toward 26-story tower at 180 Broome Street
The developers behind the $1.5 billion Essex Crossing megaproject on the Lower East Side have secured $200 million in financing for one of nine buildings at the complex.
The construction loan from Wells Fargo and M&T Bank will allow the development team, collectively known as Delancey Street Associates, to move forward with the largest building at the site, a 26-story tower at 180 Broome Street, according to the Wall Street Journal.
The mixed-use building will have 263 affordable and market-rate apartments, 10,000 square feet of retail space, and 175,000 square feet of office space.
The retail portion will be a part of the planned Market Line, a three-block marketplace that will extend to the neighboring buildings in the complex, at 202 Broome Street and 115 Delancey Street, and connect to the 77-year-old Essex Street Market.
The Delancey Street partnership includes Taconic Investment partners, L+M Development Partners, BFC Partners, and Goldman Sachs Urban Investment Group.
When complete, the Essex Crossing complex will have over 1,000 units in total across nine buildings, 450,000 square feet of retail space, and 350,000 square feet of office space. Construction began in 2015 and is expected to wrap up in 2021.
In November, Wells Fargo provided a $34 million loan for another building at the complex, an affordable senior housing property at 140 Essex Street. [WSJ] – Chava Gourarie