JLL secures $285M refinancing for mixed-use buildings in Lower East Side
The Offices at Essex Crossing consist of office and retail space at 145 and 155 Delancey St. in Manhattan’s Essex Crossing development
NEW YORK, Jun. 22, 2022 – JLL’s Capital Markets group announced today that it has arranged a $285 million refinancing for The Offices at Essex Crossing, two newly built, mixed-use office and retail towers in Manhattan’s Essex Crossing development. The collateral consists of five condominium units at 145 and 155 Delancey Street totaling 368,420 square feet.
JLL worked on behalf of the borrower, a joint venture between Taconic Partners, L+M Development Partners, BFC Partners, The Prusik Group and Goldman Sachs Urban Investment Group, to secure the bridge loan through Deutsche Bank.
The Offices at Essex Crossing consist of office and retail condominium interests at 145 and 155 Delancey St. within the Essex Crossing mega-development in Manhattan’s Lower East Side. Essex Crossing is a three-phase, nine-building project that will contain 1.9 million square feet of residential, retail and office space plus cultural attractions and green spaces at build-out. The project has tremendous accessibility to mass transit as it is located on the F, J, M and Z subway lines. In addition, Essex Crossing is served by numerous bus routes and is close to the Williamsburg Bridge, the Manhattan Bridge and FDR Dr.
Completed in 2021, The Offices at Essex Crossing occupy the lower five floors of the two Class A buildings. Features include 12’ to 13’ ceiling heights, private outdoor terraces with views of the Williamsburg Bridge and Midtown and Downtown Manhattan’s skyline, a bike room with showers and lockers, and a 9,000-square-foot indoor park and event venue. The property also has direct access to the nearby Regal Cinemas, Essex Market and Trader Joe’s. The Offices at Essex Crossing are currently 40% pre-leased to Verizon on a long-term basis.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Evan Pariser and Scott Aiese, Vice President Jackie Ferrer and Analyst Joy Dracos.
The JLL Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The team’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.