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NorthMarq arranges loan for new Tamarkin High Line building

NorthMarq Capital has arranged $27 million in loans for two apartment properties, including a tony High Line building by developer Cary Tamarkin.

High Line Park
High Line Park

 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.

 Tamarkin is gearing up to open 508 West 24th  Street, his second apartment building on the High Line, that he  told the New York Post this week is already sold out. He opened 456 West 19th Street in 2010.

CARY TAMARKIN
CARY TAMARKIN

 Meanwhile, Gary Cohen, senior vice president/senior director of NorthMarq’s New Jersey office, closed a $16.9 million 30-month construction loan for the Cookie Factory, a 104-unit multifamily property to be built on Essex Street in Harrison, New Jersey.

  The transaction was arranged for the borrower, Bergen Street Urban Renewal, LLC (a joint venture between an affiliate of the Hampshire Companies and the CrownPoint Group) by NorthMarq through its relationship with First Niagara Bank.

 The project will consist of two, four story buildings that are connected by a common clubhouse. There will be a mix of studio, one-bedroom and two-bedroom units with an average monthly rental of approximately $1,900.

“There was a lot of demand for this deal and First Niagara Bank provided an extremely competitive loan to win the business. Structuring a fully leveraged loan at super tight pricing and minimal repayment guarantees, First Niagara became a new strategic bank to Hampshire’s arsenal and, in the process, distinguished themselves against many of the client’s existing relationship banks in the region.” said Cohen.

 Meanwhile, Gary Cohen, senior vice president/senior director of NorthMarq’s New Jersey office, closed a $16.9 million 30-month construction loan for the Cookie Factory, a 104-unit multifamily property to be built on Essex Street in Harrison, New Jersey.

Rendering of the Cookie Factory
Rendering of the Cookie Factory

The transaction was arranged for the borrower, Bergen Street Urban Renewal, LLC (a joint venture between an affiliate of the Hampshire Companies and the CrownPoint Group) by NorthMarq through its relationship with First Niagara Bank.

 The project will consist of two, four story buildings that are connected by a common clubhouse. There will be a mix of studio, one-bedroom and two-bedroom units with an average monthly rental of approximately $1,900.

“There was a lot of demand for this deal and First Niagara Bank provided an extremely competitive loan to win the business. Structuring a fully leveraged loan at super tight pricing and minimal repayment guarantees, First Niagara became a new strategic bank to Hampshire’s arsenal and, in the process, distinguished themselves against many of the client’s existing relationship banks in the region.” said Cohen.

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