$11 Million Bridge Loan for Two Properties in Brooklyn, NY
On March 6th , 2014, Emerald Creek Capital provided an $11,000,000 bridge loan to a real estate development firm based in New York. The borrower came to Emerald Creek to obtain financing for the development of luxury town-homes in Brooklyn, New York.
The loan is secured by two properties that are adjacent to a landmark designated block of brownstone homes and carriage houses. The borrower plans to develop four single family luxury town-homes, that will total over 20,000 SF of sellable area. Each townhouse will contain at least four bedrooms in addition to outdoor space and parking.
The opportunity to undertake this project arises from the increased demand for newly constructed, luxury single family homes that benefit from renovated interiors while keeping in place the original exterior. This type of product has historically been very desirable in the local market.
The subject properties are located in Boerum Hill neighborhood of Brooklyn, generally known for its housing stock made up of single family and multi-family brownstone homes. The area is also known for its accessibility to subway transportation. Several major commuter subway lines lead directly to employment centers throughout the city.