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. 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. 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.
"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.”
“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.”
About Taconic Investment Partners
LLC
Taconic Investment Partners LLC (Taconic) was formed in 1997 and
has since acquired and developed more than 12 million square feet
of Class A and Class B office properties in the New York
metropolitan area, Chicago, Washington, D.C. and Atlanta. Taconic
targets acquisitions of office properties in major central business
districts while focusing on multifamily properties in markets that
house the CBD’s employment base. Totaling in excess of $3 billion,
the majority of the company’s acquisitions have focused on assets
with significant value-add and/or redevelopment potential.
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, visit
www.taconicinvestments.com.
About L+M Development
Partners
L+M Development Partners is a full-service development,
investment, construction and management firm with more than $7
billion invested across New York’s Tri-State area.
About BFC Partners
Over the past 25 years, BFC Partners has been one of NYC’s most
active developers of prominent mixed-use projects, having completed
$1.5 billion in projects with an additional $1 billion currently
under development.
About Goldman Sachs Urban Investment
Group
The Goldman Sachs Urban Investment Group (“UIG”) is a domestic,
multi-asset class investing and lending business that provides
capital primarily to public-private real estate developments. UIG
deploys Goldman Sachs’ capital by making investments and loans that
benefit urban communities. Through its comprehensive community
development platform, UIG has committed nearly $7 billion since it
was founded in 2001, which has facilitated the creation and
preservation of more than 24,000 housing units – the majority of
which are affordable to low, moderate and middle-income families –
as well as more than 2,000,000 square feet of community facility
space and more than 6,500,000 square feet of commercial, retail,
and industrial space. Since 2014, UIG has committed a total of
$500mm in equity and debt to the Essex Crossing project.
About Square Mile Capital
Management
Square Mile Capital Management LLC is an integrated
institutional real estate finance and investment management firm
based in New York. Square Mile's large U.S. footprint, enhanced by
the firm's strategic partnership with USAA Real Estate Company,
enables Square Mile to leverage proprietary market insights through
a unified sourcing and investment philosophy that positions the
firm to capitalize upon opportunities through all phases of the
commercial real estate cycle. Square Mile's opportunistic
investment platform takes a value oriented approach to its
activities, with an emphasis on opportunities to acquire or
capitalize real estate assets or enterprises that are undervalued,
complex or undercapitalized. Square Mile's commercial real estate
debt platform provides customized capital solutions for real estate
owners and developers throughout the United States.
http://www.squaremilecapital.com/.
About HFF
HFF and its affiliates operate out of 26 offices and are a
leading provider of commercial real estate and capital markets
services to the global commercial real estate industry. HFF,
together with its affiliates, offers clients a fully integrated
capital markets platform, including debt placement, investment
advisory, equity placement, funds marketing, M&A and corporate
advisory, loan sales and loan servicing. HFF, HFF Real Estate
Limited, HFF Securities L.P. and HFF Securities Limited are owned
by HFF, Inc. (NYSE: HF). For more information, please visit
hfflp.com or follow HFF on Twitter @HFF.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180417006456/en/
HFFEvan Pariser, (212) 245-2425NY Lic.
#30PA0825294HFF Senior Managing
Directorepariser@hfflp.comorScott Aiese, (212) 245-2425NY
Lic. #10401232699HFF Managing Directorsaiese@hfflp.comorKristen
Murphy, (617) 338-0990HFF Director, Public
Relationskrmurphy@hfflp.com
Tidal Trust II (NYSE:HF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Tidal Trust II (NYSE:HF)
Historical Stock Chart
From Jul 2023 to Jul 2024