In October of 2019, Emerald Creek Capital provided a $4,500,000 construction completion loan to a repeat borrower in the Long Island City neighborhood of Queens, NY. The loan is secured by a 9-story boutique hotel and the loan-to-value on the transaction is 29%. The final product will consist of a lobby on the ground floor, 64 guest rooms on the mezzanine through 9th floor, and a rooftop bar and lounge with skyline views of Manhattan. Known for its waterfront parks and thriving arts community, Long Island City continues to undergo a rapid residential and commercial development, catering to young professionals and new businesses. Long Island City has also become increasingly popular in the hospitality market due to its proximity to Manhattan and LaGuardia Airport. The subject property is located two stops from the Upper East Side on the F train.
For more information, please contact:
Mike Cleaver, Managing Director