New York & Tri-State + Downtown New York + Finance | June 11, 2022

The joint venture developing Essex Crossing on Manhattan's Lower East Side has secured $466 million to refinance two of the properties

Delancey Street JV Closes on $466M Essex Crossing Refi

Delancey Street Associates, a joint venture of Taconic Partners, L+M Development Partners, BFC Partners, the Prusik Group, and the Urban Investment Group within Goldman Sachs Asset Management, has closed on $466 million in refinancing for Essex Crossing’s 145 Delancey and 155 Delancey. The deal comprises three separate loans: $285 million for the Offices at Essex Crossing, $144 million for The Artisan and $37.1 million for One Essex Crossing.

Provided by Deutsche Bank, the refi will replace the site’s construction loans and provide capital to complete the leasing program. The $37.1-million loan at One Essex Crossing was provided by Square Mile Capital. JLL and Walker & Dunlop represented Delancey Street Associates in securing the loans.

“The success of this development validates the market demand for live-work-play developments, especially in a post-pandemic era where convenience and accessibility are so desirable,” said Chris Balestra, Taconic co-president and CIO on behalf of Delancey Street.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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