August 8, 2014

Arranges bridge financing of $13 million for Manhattan residential condominium development

550 West 29th Street

Debt & Equity

Multi-Tenant

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.

Available Multifamily properties

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.