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| Under construction 292 Broome Street at Essex Crossing, Manhattan, NY |
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| Michael Gigliotti |
NEW YORK, NY –– Holliday Fenoglio Fowler,
L.P. (HFF) announces the closing of a $260 million construction loan for 202
Broome Street at Essex Crossing in Manhattan.
The HFF team worked on behalf of the borrower, a
joint venture between Taconic Investment Partners, L+M Development Partners,
BFC Partners and Goldman Sachs Urban Investment Group, to secure the 42-month
construction loan through Square Mile Capital Management LLC.
Essex Crossing is one of the most significant
urban renewal developments in the history of Manhattan.
Construction began in spring 2015 and upon
completion, the nine sites will total more than 1,000 residences, 450,000
square feet of retail and 400,000 square feet of office space alongside
community attractions and green space.
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| Chris Balestra |
202 Broome Street is scheduled for delivery in
2020 and will consist of a 16-story mixed-use building with 179,234 square feet
of Class A office space, 36,888 square feet of retail space and 83 luxury
condominiums.
The condominiums, located on floors six through
13, will consist of studio, one-, two- and three-bedroom units, with nearly 30
percent featuring private outdoor space.
The
sixth floor will also offer a common roof terrace for condominium owners with
sweeping views in all directions.
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| Evan Pariser |
202 Broome Street will also contain a
portion of the Market Line, a below-grade, world-class marketplace spanning
three city blocks that will feature a food hall, various large and small
businesses and will be anchored by the historic Essex Street Market.
Essex Crossing is situated within walking
distance of the Williamsburg Bridge and benefits from superior access to
transportation with J, Z, F and M train service at the Essex Street Station and
B/D train service at Grand Street.
The HFF debt placement team representing the
borrower included senior managing directors Evan Pariser and Michael
Gigliotti, managing director Scott Aiese, associate Alex Staikos and analyst
Jackie Ferrer.
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| Paul Pariser |
"We are thrilled to have closed this
transaction with Square Mile Capital who differentiated
themselves following a highly competitive marketing effort run
by HFF,” said Chris Balestra at Taconic Investment Partners.
“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.”
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| Charles Bendit |
“We continue to see very compelling
opportunities for debt investments in the New York market,” added Square Mile’s
Sean Reimer. “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.”
Taconic
is the largest operator of commercial property in the Meatpacking District and
West Chelsea neighborhood, controlling more than three million square feet of
commercial space.
Led by its founders, Paul Pariser and Charles
Bendit, the firm specializes in the acquisition, asset management,
leasing, property management and development and construction management of
office, retail and residential properties.
For more information, please contact:
KRISTEN MURPHY
HFF Director,
Public Relations
(617) 338-0990
