In November of 2018, Emerald Creek Capital provided a $7,000,000 bridge loan in the Elmhurst neighborhood of Queens, NY. The collateral securing the loan is a 22,447 SF development site with a zoning floor area of 112,237 SF. The borrower has approved plans for a 10-story mixed-use building consisting of 94 residential units, 10,540 square feet of ground floor retail, 6,921 square feet of community space, and 70 parking spaces. The unit mix will consist of one to three-bedroom apartments. The site is located on Queens Boulevard, a popular commercial corridor and major thoroughfare connecting Queens to Midtown Manhattan. The subject property also benefits from access to the 7, E, F, M, and R trains.
For more information, please contact:
Jeff Seidler, Managing Director