On June 23rd 2014, Emerald Creek Capital issued a 12-month $1,250,000 short term loan to a successful jewelry specialist for the purchase of an office condo located in the International Gem Tower, which is dedicated to the diamond and jewelry industry.
The borrower wanted to free up some liquidity to expand his investment portfolio in both jewelry and real estate.
The subject property is a twentieth floor office condominium valued at $2,400,000. It covers approximately 1,120 usable SF and is located on the South of West 47th Street between 5th and 6th Avenue, an area known as the Diamond District.
The District—one of the leading and most concentrated diamond centers in the world—accommodates more than 2,600 merchants and most of diamonds in New York City where 90 percent of diamonds entering the US can be found. Positioned in Midtown West, the District is just one block south of Rockefeller Center and one block east of the Broadway Theater District.
Some of the highlights of the transaction include strong collateral and the borrower’s industry expertise. Sitting at the heart of the Diamond District, the International Gem Tower is a 32-story building constructed in 2013. The borrower is the owner of a diamond and jewelry wholesaler based in Dubai. With his in-depth industry knowledge, he also provides consulting services to other emerging jewelry businesses.
Since its inception in 2009, Emerald Creek Capital has delivered commercial bridge loans to middle market borrowers. The Manhattan based private equity lender has built a prominent reputation for its flexible loan products and prompt closing time. The firm delivers loans ranging from $1-20 million nationwide that are secured across all asset classes.