NEW YORK CITY — HFF has arranged a $260 million construction loan for the development of 202 Broome Street. The 16-story tower will rise at Essex Crossing, a planned mixed-use project on Manhattan’s Lower East Side.
Evan Pariser, Michael Gigliotti, Scott Aiese, Alex Staikos and Jackie Ferrer of HFF arranged the 42-month loan on behalf of the developer, Delancey Street Associates, a joint venture comprising Taconic Investment Partners, L+M Development Partners, BFC Partners and Goldman Sachs Urban Investment Group. Square Mile Capital Management LLC provided the loan.
“We continue to see compelling opportunities for debt investments in the New York market,” said Sean Reimer of Square Mile Capital. “The Essex Crossing project is a great example — a transformative development being created by a strong, visionary ownership group.”
Upon completion in 2020, 202 Broome Street will include 179,234 square feet of Class A office space, 36,888 square feet of retail space and 83 luxury condominiums. The building will also contain a portion of Market Line, an underground marketplace that will span three city blocks and feature a food hall and a variety of large and small businesses. The historic Essex Street Market will anchor the marketplace.
Construction on Essex Crossing began in spring 2015 and is estimated for completion by 2024. At full build-out, the project will feature nine sites and include more than 1,000 residential units, 450,000 square feet of retail, 400,000 square feet of office space and community and green space. The development is situated within walking distance to Williamsburg Bridge and Essex Street Station.
Since its inception in 1997, Taconic Investment Partners has developed more than 12 million square feet of Class A and Class B office properties in the New York metropolitan area, Chicago, Washington, D.C., and Atlanta.
L+M Development Partners, a full-service development, investment, construction and management firm, has invested more than $7 billion across New York’s Tri-State area.
Over the past 25 years, BFC Partners has completed $1.5 billion in projects, with an additional $1 billion currently under development.
Through its comprehensive community development platform, Goldman Sachs Urban Investment Group (UIG) has facilitated more than 6.5 million square feet of commercial, retail and industrial space. Since 2014, the company has committed a total of $500 million in equity and debt to the Essex Crossing project.
— Camren Skelton