Marathon Asset Management, a leading commercial real estate firm, has successfully secured a $120 million construction loan for the development of 125 Perry St. This high-end residential project is located in Manhattan’s prestigious West Village neighborhood. The Marathon team, led by managing director Joseph Griffin, worked closely with sponsor Alf Naman Development and preferred equity partner Ascendant Capital Partners to structure and originate the loan.
“We are honored to have played a part in the revitalization of 125 Perry St. Our lending solutions span various asset classes and geographies thanks to our strong network relationships, extensive property-level expertise, and unique market insights,” stated Griffin.
The development will involve transforming a historic four-story parking garage from the 1930s into an ultra-luxury condominium with seven units. Currently, contracts have been signed for nearly 60% of these units already. Completion is expected by 2026.
A rendering provided by Sciame Construction showcases what this adaptive reuse project will look like upon completion.
