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Developers of Essex Crossing land $161M to refi 145 Clinton Street

Goldman Sachs and Wells Fargo provided the debt

Rendering of 145 Clinton Street (Credit: Delancey Street Associates)

Delancey Street Associates has secured a $161 million loan package to refinance its mixed-use rental building at 145 Clinton Street, according to NYPost. The 16-story-building spans 283,178 square feet, and contains 211 apartments (107 are free market), plus a major retail component (73,000 SF).

Worth Noting: Target, Trader Joe’s, and Spectrum are occupying the retail component, and there is 10,500 square feet of space still available for lease. The partnership has done well with subterranean retail throughout the project.

Financing breakdown: Wells Fargo provided a $93 million loan for the residential component of the building, while Goldman Sachs provided $68 million through its CMBS group for the retail portion.

Worth Noting: The Delancey partnership consists of BFC Partners + L+M Development + Taconic Investment Partners + Goldman Sachs. This is one of the nine sites that comprise the Essex Crossing development. The $1.5 billion project will have over 1,000 units, 450,000 SF of retail space, and 350,000 SF of office space. Although political headaches have been linked to the six-acre site since 1967, the entire project is expected to wrap up in 2021.

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