Essex Crossing Developers Close $260M Loan for 202 Broome Street
The loan, backing a property that will become the seventh of nine separate sites that make up the Essex Crossing development to begin construction, brings the total financing for Essex Crossing to $1.3 billion. The Real Deal first reported in November 2017 that Square Mile would fund work at the site.
Two Hundred Two Broome Street, located on the Lower East Side between Suffolk and Norfolk Streets, will rise 14 stories at its planned opening in 2021 on a site that was most recently a parking lot. Its upper nine floors will host 83 residential condominium units, while floors two through five will be given over to 175,000 square feet of office space.
The building’s ground floor will further play host to 16,000 square feet of retail—in addition to another 18,000 square feet on a basement level that will form part of Market Line, a 150,000-square foot retail complex that will connect much of the Essex Crossing development below street level.
A spokesman for DSA—a development group that comprises BFC Partners, L+M Development, Taconic Investment Partners and Goldman Sachs (GS)—referred a request for comment to statements issued by representatives for those companies.
“What was once a parking lot will be transformed into a dynamic place to live, work, shop and play right at the heart of Essex Crossing,” Charles Bendit, Taconic’s co-CEO, said in a statement. “With the closing and start of construction at 202 Broome, residents are moving in [to some of Essex Crossing’s other buildings], and much of our retail will open in 2018—including the first phase of the Market Line.”
Square Mile’s Sean Reimer praised Essex Crossing as a landmark project that exemplifies his firm’s excitement about the New York financings.
“We continue to see very compelling opportunities for debt investments in the New York market,” Reimer said in prepared remarks. “The Essex Crossing project is a great example—a transformative development being created by a strong, visionary ownership group. We’re pleased to have had this opportunity to participate and we are confident in its success.”
In all, the six-acre Essex Crossing site will include 1.9 million usable square feet, including more than 1,000 apartments.