Northmarq arranges bridge loan for Manhattan Multifamily Acquisition

WESTCHESTER, NEW YORK (December 13, 2021) – Robert Ranieri, senior vice president, managing director of Northmarq’s Greater Westchester NY/CT office has arranged a $10.79 million bridge loan for the buyer of 52 Charles Street in Lower Manhattan. “Our buyer client was looking for short-term bridge financing to acquire the property and perform extensive renovations,” said Ranieri.

Built in 1899, the 3-story townhome is located in the West Village neighborhood and spans 3,640 rentable square feet. “This is a vibrant location in close proximity to Union Square, Washington Square Park and many subway lines, and it also is steps away from trendy restaurants, bars and shops.  We spoke with many interested bridge lenders who saw the potential value in renovated townhouses in the West Village,” added Ranieri. The loan was sourced with Castellan Real Estate Partners and features 18 months of interest only payments with the option for a six month extension.