$23 Million Bridge Loan on Development Site in Lower East Side
On October 6th, 2014, Emerald Creek Capital provided a $23,000,000 acquisition loan in the Lower East Side (LES) neighborhood of Manhattan.
Emerald Creek Capital’s expedited lending process enabled the developer to acquire the 10,000 SF development site located on Clinton Street between Stanton and Rivington. At the time of purchase, the site was improved by a one-story retail building. The borrower plans to redevelop the subject property into a seven-story, mixed-use building that will include 37 luxury condominiums and a ground floor retail unit. The borrower has considerable experience in developing luxury condominiums and focuses on the development of high quality urban development projects.
The subject property is located in the Lower East Side neighborhood of New York City, one of the oldest neighborhoods with a diverse population. In the early 2000’s, the gentrification of the East Village spread to the LES, making it one of Manhattan’s trendiest neighborhoods where upscale boutiques, contemporary art galleries, and restaurants line the streets. It is an easily accessible neighborhood where several major subway lines all have stops within a five-minute walk of the subject property.
The borrower is a New York based real estate development and investment firm with considerable experience in developing luxury condominiums. The projected luxury condominiums will be a mix of unit sizes and layouts in order to appeal to a wide range of buyers in the market.