Essex Crossing Site 2; view from the intersection of Delancey and Essex streets. Credit: Handel Architects.
Before we break for the holiday, a quick update on Essex Crossing, the big development project underway on the former Seward Park urban renewal site. Commercial Observer reports that the construction consortium, Delancey Street Associates, has received more than $250 million in financing for the project from Citibank and Wells Fargo. Here are the basic details from the story:
Wells Fargo provided a $109 million construction loan for work at Site 5, a 211-unit apartment building that will consist of half market-rate and half-affordable rentals, according to the lender. The three-year construction debt covers about 75 percent of the $142 million project, which also includes 66,000 square feet of retail… The financing closed on June 30, pursuant to an escrow agreement. Wells Fargo is also buying the site’s Low-Income Housing Tax Credits for $11.5 million… Delancey Stree
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