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Adaptive Reuse of West Village Garage Lands $120M Construction Loan
(Updated with additional information)
Marathon Asset Management’s commercial real estate platform has originated a $120-million construction loan for 125 Perry St., a high-end residential development in Manhattan’s West Village. A Marathon team led by managing director Joseph Griffin, closely worked with sponsor Alf Naman Development and its preferred equity partner, Ascendant Capital Partners, to structure and originate the construction loan. Newmark brokered the transaction.
“We are proud to play a role in the revitalization of 125 Perry St. and will continue to provide lending solutions across asset classes and geographies through a combination of proprietary network relationships, deep property-level experience, and differentiated market intelligence,” said Griffin.
The development involves the adaptive reuse and conversion of a historic, four-story, 1930s vintage parking garage into a seven-unit ultra-luxury condominium. Contracts have already been signed for nearly 60% of the units. Completion of the project is expected for 2026.
Rendering courtesy of Sciame Construction.
- ◦Development
- ◦Financing
