$15.8 Million Bridge Loan for Financial District Property
On November 15th, 2015, Emerald Creek provided a $15,800,000 bridge loan to a real estate development firm for the purchase of a building in Lower Manhattan’s Financial District.
The subject property, valued at $24,520,000, is a 3,287 SF developable lot. Currently, the property is improved by a six-story mixed-use building comprised of office and retail space, totaling approximately 19,000 SF. The site location has flexible in-place zoning and no height restriction, which allows for development with panoramic river, harbor, skyline, and horizon views. The borrower plans to redevelop the property into a 146-key hotel with 2,000 SF of ground floor for retail.
The subject property is optimally situated for hotel development. Over the past decade, Lower Manhattan underwent an incredible cultural and physical revival, transforming from a 9-to-5 business district dominated by finance, insurance, and law firms into a vibrant 24/7 live-work-play environment.
The neighborhood is additionally home to the creative and educational employment sectors and an affluent residential base, while continually drawing a high volume of tourists. As a result, there is a great demand for select service hotel product and an opportunity for developers to fulfill the growing demand.
Since inception in 2009, Emerald Creek Capital has built a reputation as an industry leader in the alternative finance space, focusing on providing bridge loans on commercial real estate in primary and secondary markets.