On July 25th, 2014, Emerald Creek Capital issued a 12-month $1,850,000 commercial bridge loan to the owner of an apartment complex in Meriden, Connecticut. The $1,850,000 bridge loan is secured through a first mortgage on the 106-unit extended stay apartment complex, valued at $4,700,000.
The borrower intends to use the proceeds from the bridge loan to clear previous obligations that were not paid for by the previous owner and to obtain additional operating capital. The borrower is an experienced sponsor with an excellent credit history.
The subject property has 93% of its 106 units occupied, which consist of one and two bedroom apartments spread out across five acres of land. Amenities of the apartment include an outdoor swimming pool and Jacuzzi, exercise room, spa, tennis courts, basketball courts, and laundry facilities. The property is centrally located and easily accessible by New Haven, Hartford, and Waterbury, all of which are within a 15-minute radius of the apartment complex.