$15 Million Bridge Loan for Williamsburg Student Housing Project
On April 7th, 2016, Emerald Creek Capital funded a $15,000,000 bridge loan to a New York based real estate development company for a time–sensitive acquisition.
The loan is secured by three adjacent lots with a total land area of 20,612 SF. At the time of purchase, three structures existed on the lots. The borrower plans to redevelop into a 104,000 SF student housing facility that would accommodate up to 400 students and allow for commercial space.
The subject property is located in the Williamsburg neighborhood of Brooklyn, New York City. Williamsburg is located directly across the Williamsburg Bridge from Manhattan’s Lower East Side and covers a large portion of northern Brooklyn. Williamsburg also stands as an influential hub for the arts community and music scene. The water front location, affordable rents and ease of transportation to Manhattan have made it a very attractive neighborhood.
The planned student housing development will be configured as double occupant rooms with private bathrooms and kitchenettes as well as common space and lounge areas on each floor of the new property. The borrower has extensive experience in undertaking student housing development and construction projects in the New York City Metro area.
Since inception in 2009, Emerald Creek Capital has built a reputation as an industry leader for providing bridge loans on commercial real estate in primary and secondary markets.