Marathon Asset Management's Commercial Real Estate (CRE) platform has extended a construction loan amounting to $120m to support the development of 125 Perry Street, a residential project in New York City's West Village, US.

Marathon’s CRE Team, led by Joseph Griffin, partnered with Alf Naman Development and Ascendant Capital Partners to structure the construction loan.

The project is an adaptive reuse and conversion of a 1930s parking garage into a luxury seven-unit condominium complex.

Retaining its original industrial facade, the completed development will have an array of features, including two penthouses, three loft-style homes and two townhouse-style residences.

Notably, contracts for nearly 60% of the units have already been signed.

The condominium will offer residents a suite of amenities such as a fitness centre, a doorman, a pickleball court, spa facilities, and a select number of parking spaces.

Additionally, the development’s top floors will provide residents with panoramic views of the Empire State Building and the Midtown skyline.

The architectural vision for this project is being led by Leroy Street Studio and Ismael Leyva Architects while the marketing efforts are spearheaded by Jim St. André and Stephen Ferrara of Compass.

With construction already making significant progress, the development is on track for completion in 2026.

Marathon chair and CEO Bruce Richards said: “This transaction exemplifies Marathon’s ability to provide creative capital solutions for high-quality assets as Marathon’s CRE platform, led by Joe, provides a comprehensive source of flexible capital solutions to best-in-class sponsors.”