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lf Naman's West Village condo project has secured the necessary funding to move forward. Marathon Asset Management provided a $120 million construction loan for the seven-unit development at 125 Perry Street. This new financing replaces a previous $39.5 million loan from First Citizens Bank, which was used to purchase the property in 2022.

    The loan is for three years and has a floating rate. Russell Gimelstob's Ascendant Capital Partners contributed $60 million in preferred equity for the ultra-luxury development. Marathon's Joseph Griffin helped structure and originate the loan, while A Newmark team led by Jordan Roeschlaub and Nick Scribani arranged the financing.

    The projected sellout of the building is $262.9 million, according to the offering plan. The project involves converting a century-old parking garage into luxury condos with two penthouses, two townhouse-style homes, and three loft-style units. Amenities will include a doorman, fitness center, pickleball court, spa facilities, sauna, and limited parking.

    Construction is expected to be completed in 2026. Sales have been strong since launching in February, with four of the seven units sold. The first contract was signed for $22.5 million, followed by contracts for units priced at $57.5 million, $32 million, and $20 million.