Bridge Loan on Mixed Use Brooklyn Property
On August 4th, 2014, Emerald Creek Capital issued a 12-month $1,840,000 commercial bridge loan to the owner of an orthopedics center in Brooklyn, New York. The $1,840,000 loan is secured through a first mortgage on a 4,502 square foot mixed use building in Brooklyn.
The subject property, valued at $3,100,000 is located on the south side of Flatbush Avenue between 6th Avenue and Bergen Street in the Park Slope neighborhood of Brooklyn. It is only 200 yards away from the Barclays Center, placing the subject property in a high-traffic location that is close to nearly every major subway line. More generally, Park Slope has undergone significant improvements in the past few years, accompanied with a large increase in retail and dining activity. Because of this, the borrower has decided to vacate the orthopedic office and take advantage of the high demand and limited supply of retail space on Flatbush Avenue.
At 0.687 square miles and a population of 43,506, Park Slope’s population density is approximately 80% greater than that of Brooklyn as a whole. Park Slope also boasts a median household income of $94,981, which is 70% higher than that of New York state. The median rent in the neighborhood is $1,753, over 86% greater than the state median of $946. The neighborhood’s high population density and high rental rates make this an attractive location for the continued real estate investment.
In addition to subject property’s excellent location, there is an additional 1,330 square feet of unused Air Rights. There is also potential for the property to be converted to condominiums in the future, given the current market rental rates.
Since its inception in 2009, Emerald Creek Capital has delivered commercial bridge loans to middle market borrowers. With its flexible loan products and expedited closing time, the Manhattan-based private equity firm delivers loans ranging from $1-$20 million that are secured across all asset classes.