In August of 2019, Emerald Creek Capital provided a $2,500,000 bridge loan in the Bedford-Stuyvesant neighborhood of Brooklyn, NY. The loan is secured by a 6,620 square foot mixed-use building situated on a 2,000 square foot corner lot. Emerald Creek previously had a loan on the subject property. After the borrower successfully renovated and converted the rental units to upgraded condominiums, we upsized this loan to reimburse him for the costs. The building consists of a one-bedroom apartment, a two-bedroom apartment, 2 four-bedroom apartments, and 3 retail spaces at grade level. Bedford-Stuyvesant is a residential neighborhood in central Brooklyn improved with mid-rise apartment buildings and smaller multi-family buildings. The subject property benefits from access to the A, C, and G subway lines and the Long Island Rail Road at Nostrand Avenue.
For more information, please contact:
Mike Cleaver, Managing Director