Arranges bridge financing of $13 million for Manhattan residential condominium development
550 West 29th Street
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.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
