Commercial Observer reports that the developers of Essex Crossing have locked in $95 million in construction financing for Site 1 of the large residential and commercial project in the former Seward Park urban renewal area. The financing is being provided by Goldman Sachs. More details from the story:
Proceeds from the construction loan are being used to build 55 condominium units at the site, which is located at 236 Broome Street on the Lower East Side, a person familiar with the transaction confirmed. Eleven of the condo units will be priced below market rate… Additionally, Delancey Street Associates signed a contract with the city making it liable for $31.9 million if the developers do not comply with their agreement to create the below-market-rate units at Site 1.
Site 1 also includes a 17,000 bowling/entertainment complex and a cultural facility that has not yet been announced. Phase one of the project includes construction on sites 1, 2, 5 and 6. We’ll have more info about this transaction later.
