Continuing the discussion from NEW YORK | “High Line District” (Special West Chelsea District):
By REW Staff
11:53 AM, AUGUST 14, 2014
NorthMarq Capital has arranged $27 million in loans for two apartment properties, including a tony High Line building by developer Cary Tamarkin.
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 s/f . 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.