Marathon Asset Management Secures Major Loan for Luxury Development
Marathon Asset Management’s Commercial Real Estate platform has successfully originated a significant $120 million construction loan for 125 Perry Street, an ultra-luxury residential development in Manhattan's distinguished West Village. This achievement signals an important step in developing a project that strives to meet and exceed the already high expectations for luxury condominiums in one of New York City's most desired areas.
The Development Overview
The project will involve transforming a historic 1930s vintage parking garage into a remarkable seven-unit ultra-luxury condominium. This innovative approach not only preserves the original industrial facade but also adds modern flair to the structure. The finished development will include two penthouses, two townhouse-style apartments, and three loft-style residences. Due to rising demand, nearly 60 percent of the units have been contracted even before completion, setting records for some of the highest price per square foot sales in the history of New York City developments.
Collaborative Efforts
Leading this venture is Marathon's Commercial Real Estate Team, under the guidance of Managing Director Joseph Griffin. They have worked in close collaboration with the project sponsor, Alf Naman Development, along with their preferred equity partner, Ascendant Capital Partners, to arrange and secure funding for this transformative project.
Key Features and Amenities
The upcoming development will provide a range of outstanding amenities aimed at enhancing residents' lifestyles. Features will include a doorman service, a fitness center, a dedicated pickleball court, luxurious spa facilities, a sauna, and a limited number of parking spots. Moreover, the top floors are designed to offer stunning views of the Empire State Building and the Midtown skyline.
Architectural Design and Marketing
Construction Timeline
Construction is currently in progress with an expected completion date set for 2026. Bruce Richards, Marathon’s Chairman and CEO, stated, “This transaction exemplifies Marathon’s ability to provide creative capital solutions for high-quality assets. Our commitment remains steadfast as we continue to offer the best flexible capital solutions to outstanding sponsors through our Commercial Real Estate platform.”
About Marathon Asset Management
Founded in 1998 and based in New York City, Marathon Asset Management, L.P. is recognized as a leading global asset manager specializing in both Public and Private Credit markets. With over $23 billion in assets under management, Marathon's investment programs cover a wide array of Private Credit avenues, including Direct Lending, Asset-Based Lending, and Opportunistic strategies. The firm prides itself on a highly skilled workforce, comprising over 180 professionals and 8 partners spread across multiple locations, including London, Miami, Los Angeles, and Luxembourg. Marathon is also a Registered Investment Adviser with the Securities and Exchange Commission.
Frequently Asked Questions
What is the main focus of the $120 million loan?
The loan is aimed at funding the construction of an ultra-luxury residential development at 125 Perry Street.
How many units will be available in the new development?
The project will feature seven units, including penthouses and townhouse-style residences.
Who is involved in the project alongside Marathon Asset Management?
The project is a collaboration with Alf Naman Development as the sponsor and Ascendant Capital Partners as a preferred equity partner.
When is the completion date for the project?
Construction is expected to be completed by 2026.
Where can I find more information about Marathon Asset Management?
For more details about the firm and its services, please visit their official website.
