NEW YORK (August 8, 2014) – Joseph DeRosa, vice president and Ernest DesRochers, senior vice president/managing director of NorthMarq Capital’s New York City office arranged bridge financing in the amount of $13 million for 550 West 29th Street, a 12- story, 63,000 sq.ft. residential condominium development located in the West Chelsea area of Manhattan. The transaction was structured as an interest only loan carrying a term of two years. NorthMarq arranged the deal for the borrower which is a joint venture between High Line Development Group LLC and Tamarkin Co.
“This development is situated a stone’s throw away from the popular High Line Park and will have unobstructed views of the Hudson River,” said DeRosa.