Delancey Street Associates Secures $161M Loan From Wells Fargo In New York

An apartment building at 145 Clinton Street named for jazz tenor saxophonist Sonny Rollins in New York received a $93 million loan from Wells Fargo for its market-rate, mixed-use rental building. Additionally, Goldman Sachs provided $68 million for the retail portion of the building through its commercial mortgage-backed securities group.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $161,000,000.00
• Address: 145 Clinton St, New York, NY, 10002
• Market: New York
• Borrower's Rep: Mark Fisher - CBRE, Sean Bastian - Walker & Dunlop
• Borrower: Delancey Street Associates
• Lender: Wells Fargo

JLL Capital Markets' Jonathan Schwartz, Mark A. Fisher, and Sean Bastian represented the developer, Delancey Street Associates, on the refinancing deal. Moreover, Delancey Associates reported that a 55-unit condo project at 242 Broome Street, part of Essex Crossing, is over 75% sold out, with leasing set to commence soon at 125 Delancey Street.