Phoenix, AZ – In January of this year, Emerald Creek Capital issued an 18-month $2,340,000 bridge loan to a New York-based real estate professional for the refinance of an existing CMBS loan on a retail property in Phoenix, AZ.
The property is a fully occupied retail center located in a high-traffic area with great visibility. The property is surrounded by numerous residential developments and the Ahwatukee Foothills area median household income is around 80% higher than the Greater Phoenix MSA. Henceforth, the property has enjoyed stable and diversified tenants over the past nine years. The collateral encompasses a total of 18,640 SF of rentable space and is 100% occupied.
The owner had been servicing their CMBS loan for the past nine years with an impeccable payment history. The Emerald Creek Capital commercial bridge loan was used to pay off the remaining principal balance of the CMBS loan that was coming due as well as establish reserves for taxes and insurance. The loan was structured by Jeff Seidler, who is a Director at Emerald Creek.
Emerald Creek Capital has been providing commercial bridge loans to middle market borrowers since 2009. The NYC based direct lender has provided loans ranging from $1-20 million nationwide, and secured across all asset classes with a focus on core asset types in value-add situations.