HFF Orchestrates $260M Loan for Manhattan Mixed-Use Project

The advisory team arranged the financing for the construction of 202 Broome Street, a mixed-use building being erected within Delancey Street Associates’ $1.3 billion Essex Crossing development.
Essex Crossing, New York City
Essex Crossing, New York City

Acting on behalf of Delancey Street Associates, a joint venture of Taconic Investment Partners, L+M Development Partners, BFC Partners and Goldman Sachs Urban Investment Group, HFF has arranged a $260 million construction loan for 202 Broome Street, a roughly 340,000-square-foot mixed-use project in Manhattan.

The advisory team secured the 42-month loan through Square Mile Capital Management. The building will rise on the Lower East Side within Delancey Street’s $1.3 billion Essex Crossing, a 1.9 million-square-foot mixed-use project deemed one of the most significant urban renewal developments to ever take shape in Manhattan.

The 16-story building will encompass 83 luxury residential condominiums, approximately 179,200 square feet of office space and nearly 36,900 square feet of retail offerings, including a portion of the Market Line marketplace. With financing in place, Delancey Street is on track to complete development of 202 Broome in 2020.

Hefty financings

HFF has orchestrated more than a few $100-million-plus financing transactions this year. Additional transactions in the month of April alone include a $132.9 million fixed-rate loan for a three-property apartment portfolio in San Mateo, Calif., and $145 million in construction financing for the renovation and expansion of a 171,000-square-foot office building in San Francisco. In March, the firm announced that it had arranged a loan package totaling $384.9 million for the refinancing of a two-tower office and life science complex totaling 717,000 square feet in South San Francisco.

The firm was ranked by the Mortgage Bankers Association as the number one commercial/multifamily mortgage originator in 2017. MBA also recognized the company as the top originator for third parties by dollar volume, the top intermediary and originator for life insurance companies.

Rendering courtesy of Delancey Street Associates