Manhattan Rental Property Lands $215M Refi

The part-affordable community is located within Essex Crossing, a mixed-use development that will eventually house more than 1,000 apartment units.

The Essex. Image courtesy of Delancey Street Associates

Delancey Street Associates has secured a $215 million refinancing for its 50 percent affordable rental building on Manhattan’s Lower East Side. The Essex, a 195-unit mixed-income community within the $1 billion Essex Crossing development, was completed last year and is now fully leased.  

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An AKS Capital Partners team of Jonathan Schwartz, Aaron Appel, Keith Kurland and Adam Schwartz arranged the financing on behalf of Delancey Street Associates with JP Morgan and Goldman Sachs. Financing was provided by JPMorgan Chase, along with the Goldman Sachs Commercial Mortgage Backed Securities group.

The Essex is among nine properties being developed within the six-acre Essex Crossing in Lower Manhattan. Seven of the nine sites have topped out, while the overall project is slated to be more than 90 percent complete by 2021. The development team behind Essex Crossing is a joint venture of L+M Development Partners, BFC Partners, Taconic Investment Partners, the Prusik Group and the Goldman Sachs Urban Investment Group.

Apartment interiors at the 26-story property feature white oak flooring, double pane windows and 11-foot ceilings. Resident amenities include a resident lobby concierge, a social lounge with billiards, a library lounge, private meeting room, a garden terrace, an architectural rooftop terrace, fitness center with Peloton bikes and an urban farm.  

The rental building sits atop the historic Essex Market, which relocated from across the street to the new development, along with a 14-screen Regal Essex Crossing theater and the first phase of The Market Line, a 150,000-square-foot marketplace set to open next month.

Several new residential offerings

The Essex Crossing mixed-use development has been in the works since 2014 and once completed, will house 1,079 apartment units. Several residential components at the development are still under construction, including the 55-unit luxury condo building 242 Broome, which is expected to open this fall; The Rollins, a 211-unit mixed-income building that opened in June; and the 99-unit affordable senior housing property Frances Goldin Senior Apartments, which is now fully occupied.

Other properties include the 92-unit senior housing community 140 Essex St., expected to open early next year; 180 Broome St., a 263-unit mixed-income rental building that topped out in April; and 202 Broome St., an 83-unit luxury condo building that will also include 175,000 square feet of Class A office space.

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