Northmarq’s White Plains office completes $2.2 million in financing of condominium unit located in New York City

WHITE PLAINS, NEW YORK (December 15, 2022) – Robert Ranieri, senior vice president/managing director in Northmarq’s White Plains debt/equity office, arranged a $2.2 million line of credit for a previously combined condominium unit at 59 West 12th Street, a full service building in the Greenwich Village neighborhood, in New York City, New York. The transaction was structured with a 2-year interest only term. Northmarq secured financing through its relationship with a regional bank. 

The borrower had previously purchased the combined unit in mid-2021 with plans to gut renovate the entire unit. The borrower received all required approvals for the project, which will be upgraded with three bedrooms, three bathrooms and 2,150 sq. ft. of living area. Each bedroom will feature oversized walk-in closets and a private ensuite bathroom. The unit will retain many original prewar details such as two wood-burning fireplaces, hardwood floors and traditional beamed ceilings.

“Because the lender has an existing relationship with the client they were willing to offer a short term line of credit to complete renovation of this condominium unit for eventual resale,” said Ranieri.