The Essex Crossing team secured $200M in two separate loans from Wells Fargo for the construction of 180 Broome St. Property records show the LLC also closed on a loan from the city of New York for $110M on the site.
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An all-star squad of developers is starting to see the results of teaming up to build a massive mixed-use development site within the Lower East bfc partners essex crossing L+M Development.
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Essex Crossing developers close 0m 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.
With the acquisition, the development group also sealed a $296 million package for the construction of Essex Crossing Site 4, expected to open in 2020. Wells Fargo originated $200 million in construction financing-$125 million of which will be held by Wells Fargo while M&T Bank will take on the remaining $75 million in debt, Oakley told CO.
The developers of the huge residential, retail, cultural and office complex on a six-acre plot that has stood vacant on the Lower East Side near the Williamsburg Bridge for decades have scored.
Construction will be funded through a $ 200 million loan from Wells Fargo and M&T Bank, as well as through equity from DSA and Goldman Sachs Urban Investment Group. Construction is expected to.
The developers behind Essex Crossing and a nonprofit group called project eats yesterday debuted a 9,000 square rooftop farm. It’s located on the 6th floor of "The Essex," a mixed-use building at 125 Delancey St. (the same building where the new Essex Market is located).
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