NEW YORK CITY—Delancey Street Associates closed on financing for the construction of 202 Broome St., a 14-story mixed-use building that will include 175,000 square feet of office space, 83 luxury condominiums and 34,500 square feet of retail that includes a section of the Market Line.
Square Mile Capital Management is providing a $260 million acquisition and construction loan. Construction is anticipated to begin in the coming weeks and the building is scheduled to open in 2021. The total development cost is expected to be $290 million.
“We continue to see very compelling opportunities for debt investments in the New York market,” says Sean Reimer, VP of investments at Square Mile Capital Management. “The Essex Crossing project is a great example–a transformative development being created by a strong, visionary ownership group.”
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
