Marathon Asset Management’s commercial real estate platform has originated a $120-million construction loan for 125 Perry St., a high-end residential development in Manhattan’s West Village. A Marathon’ team led by managing director Joseph Griffin, closely worked with sponsor Alf Naman Development and its preferred equity partner, Ascendant Capital Partners, to structure and originate the construction loan.

“We are proud to play a role in the revitalization of 125 Perry St. and will continue to provide lending solutions across asset classes and geographies through a combination of proprietary network relationships, deep property-level experience, and differentiated market intelligence,” said Griffin.

The development involves the adaptive reuse and conversion of a historic, four-story, 1930s vintage parking garage into a seven-unit ultra-luxury condominium. Contracts have already been signed for nearly 60% of the units. Completion of the project is expected for 2026.

Rendering courtesy of Sciame Construction.

WheelHouse is adding 49 garage condos to its newest site at 950 Cross Town Drive. It already has locations in San Pablo and near Palm Valley Road. WheelHouse is building out its new Ponte Vedra Beach location, receiving several building permits from St. Johns County on Monday.

The company has received building permits totaling $2.5 million to build its latest offering in five buildings, ranging in size from 5,000 to 15,000 square feet. The Jacksonville Business Journal reports that of the 49 condos to be built, only eight remain available. The prices range from $250,000 to $375,000. WheelHouse handles the permits and construction, and then the buyer can build out the inside as they see fit.

The climate-controlled, and customizable units offer car and boat enthusiasts a secure location to store, display and play with their luxury vehicles. WheelHouse has a fully enclosed perimeter, video monitored 24/7, and two gated access drives.