Essex Crossing developers sew up $200M in construction financing Square Mile in talks to provide $250M for Essex Crossing’s office component Essex Crossing developers land Wells Fargo loan, kick.
In December 2014, Goldman Sachs committed $200 million to Essex Crossing, according to the investment firm’s website. It was not immediately clear if this recent construction loan is a part of those funds. The developers have been pulling from a number of major lenders for the nine-building megaproject.
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The developers of Essex Crossing announced today that they’ve locked in $260 million in financing for a 14-story mixed-use building at 202 Broome St. This means the mega-project in the former Seward Park Urban Renewal Area has secured 90% of its total financing. The acquisition and construction loan was provided by Square Mile Capital Management.
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Essex Crossing developers sew up $200M in construction financing. 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,
Essex Crossing Pulls in $260 Million in Financing For 202 Broome St. The developers have not yet announced those commercial tenants. delancey street Associates, the development consortium, is made up of BFC Partners, L+M Development Partners, Taconic Investment Partners and Goldman Sachs. The development costs have climbed to $1.5 billion, from $1.1 billion, when the project was first unveiled in 2013.