Holliday Fenoglio Fowler (HFF), a US-based provider of commercial real estate and capital markets services, has announced the closing of a $260m construction loan for 202 Broome Street at Essex Crossing in Manhattan, US.
The borrower is a joint venture between Taconic Investment Partners, L+M Development Partners, BFC Partners and Goldman Sachs Urban Investment Group.
The 42-month construction loan has been secured through Square Mile Capital Management.
Construction of Essex Crossing, one of the major urban renewal developments in the history of Manhattan, commenced in 2015.
Upon completion, the nine sites will have more than 1,000 residences, 450,000ft² of retail and 400,000ft² of office space, as well as community attractions and green space.
202 Broome Street, scheduled for delivery in 2020, will comprise a 16-storey mixed-use building with 179,234ft² of Class A office space, 36,888ft² of retail space and 83 luxury condominiums.
Located on floors six through 13, the condominiums will consist of studio, one-, two- and three-bedroom units, with 30% featuring private outdoor space. A common roof terrace on the sixth floor will offer condominium owners sweeping views in all directions.
202 Broome Street will also include a portion of the Market Line, a below-grade, world-class marketplace spanning three city blocks, which will feature a food hall, large and small businesses and will be anchored by the Essex Street Market.
Essex Crossing is located within walking distance of the Williamsburg Bridge and benefits from easy access to transportation with J, Z, F and M train service at the Essex Street Station and B/D train service at Grand Street.
Taconic Investment Partners CIO Chris Balestra said: “We are thrilled to have closed this transaction with Square Mile Capital who differentiated themselves following a highly competitive marketing effort run by HFF.
“The Square Mile team’s ability to navigate the complexities of underwriting and developing a large scale mixed-use development proved to be critical in completing our financing.”
Square Mile vice president of investments Sean Reimer said: “We continue to see very compelling opportunities for debt investments in the New York market.
“The Essex Crossing project is a great example – a transformative development being created by a strong, visionary ownership group. We are delighted to have had this opportunity to participate and we are confident in its success.”