Northmarq arranges $2.2 million

Manhattan, NY 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 12^th St., a full-service building in the Greenwich Village neighborhood. The transaction was structured with a two-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 s/f of living area. Each bedroom will feature oversized walk-in closets and a private ensuite bathroom. The unit will retain many original pre-war 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.