Among the transactions, there is a $ 23,500,000 bridging loan closed in November in Manhattan Financial district. The secured property consists of a 6,199 square foot site zoned for commercial and residential development, with a buildable area of 92,985 square feet. The site is within walking distance of landmarks such as the World Trade Center, One World Observatory and Brookfield Place. “This is an unbeatable location in Lower Manhattan, coupled with an equally strong sponsorship,” comments Senior Vice President Dean Wang, the source of the funding.
Another important element this quarter has been a $ 13,250,000 acquisition loan granted in Houston, texas against a 107,923 square foot single-tenant office building. The building is 100% let to a creditor tenant under an emphyteutic lease. The site covers nearly 6 acres with excellent exposure to Westchase, a high-quality residential and business district 15 miles west of downtown Houston. The sponsor is a six-time borrower of Emerald Creek, a testament to the reliability of the company as a lending partner.
“Our clients have confidence that we will perform consistently, and we are very proud of that,” said Managing Partner Mark Bahiri. “We have built many strong partnerships over the years and today one in three borrowers has worked with us.”
To end the year, Emerald Creek provided a $ 12,000,000 acquisition loan in the historic town of Greenport, New York at the north fork of Long island. The loan is secured by a waterfront condominium of 17 units and 44,400 square feet. With 22,523 square feet of net salable area, the spacious luxury residences range from 1 to 3 bedrooms, each with a private balcony and many with oceanfront views. Managing Director of Emerald Creek Capital Jeff seidler, first vice-president Dean Wang, and partner Joanna Stevens collaborated to create the fundraiser.
The vulnerability of commercial real estate to unpredictable outside influences has become apparent in the wake of the Covid-19 pandemic. Change, however, offers new opportunities for those who wish to adapt. By partnering with borrowers to take advantage of these opportunities, Emerald Creek continues to be reliable in an otherwise unreliable financial environment.
Managing Partner Mark Penna commented on the company’s outlook for the New Year. “Protecting the interests of our investors and maximizing their returns always come first,” he says. “We remain focused on assets that we are confident will retain long-term value in the face of changing economic conditions. We look forward to a strong 2022 in that spirit.”
Emerald Creek is well positioned to further increase its market share in 2022. Currently, the company operates four discretionary debt vehicles that allow the company to lend without the restrictions of more traditional sources of capital.
About Emerald Creek Capital:
With offices in Manhattan, Boston, Pennsylvania and South florida, Emerald Creek Capital has built a reputation as an industry leader in alternative finance. The company offers bridging loans secured by commercial real estate in primary markets through its domestic and foreign investment vehicles. To date, the company has provided more than $ 2 billion in first mortgage loans through more than 440 loan transactions.
For more information, visit www.emeraldcreekcapital.com.
SOURCE Emerald Creek Capital