On June 10th 2014, Emerald Creek Capital issued a 6-month $7,250,000 commercial bridge loan to a prominent real estate investor for the purchase of a 15,000 SF retail ground floor unit located on in Tribeca, Manhattan. The borrower plans to secure a triple net lease for the space.
The subject property incorporates a 1,400 SF mezzanine and a 9,600 SF basement area. Its proximity to public amenities—such as retail, schools, hospitals, and recreational facilities—makes the area an attractive mixed use community in the heart of Manhattan. Several subway lines and bus service allow access to numerous parts of New York City. Furthermore, it is reachable by the West Side Highway and the FDR Drive through the East-West traffic routes of Canal and Houston Streets. This deal was closed by Mark Bahiri, Managing Partner of Emerald Creek Capital.
Located on the southwest corner of Broadway and White Street, the property is surrounded by numerous national branded retailers. A wide range of stores, such as Nike, AT&T, and GNC, can be easily found within five blocks from the property. The desirable location and rising Manhattan rental rates forecast the property’s success.
Since 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 fund delivers loans ranging from$1-20 million that are secured across all asset classes.