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.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
