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The multiphase, multifaceted Essex Crossing development on the Lower East Side has scored a construction loan for its biggest building.
Delancey Street Associates, the group of investors and developers behind Essex Crossing, closed on $200M of construction financing for 180 Broome St. from Wells Fargo and M&T Bank, the Wall Street Journal reports. Delancey Street Associates will fund the remainder of the $300M building, which will include 175K SF of office space, 263 rental apartments (split between market-rate and designated affordable units) and a portion of the Market Line retail hall.
Construction on 180 Broome St. is expected to begin this month and complete in 2020 as the third of four phases. Delancey Street Associates, which is made up of L+M Development Partners, Goldman Sachs Urban Investment Group, Taconic Investment Partners and BFC Partners, expects to complete the first four buildings that make up the first phase — including Trader Joe's and Target locations — by the end of this year.
The tower will stand 26 stories tall, with the top 21 floors dedicated to residential space. The office portion will include outdoor terraces, bicycle rooms, showers and an atrium with event space. All of that will sit above the 10K SF retail portion, likely to be part of the 150K SF Market Line, meant to be a long, bazaar-style marketplace with shops and eateries connected to the older Essex Street Market.
When 180 Broome is complete, Delancey Street Associates told the WSJ all but 35 of the affordable units it has promised will have delivered. All told, Essex Crossing is set to include over 1,000 apartments, over half of which will be designated affordable.
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