In October of 2020, Emerald Creek Capital provided an $8,000,000 acquisition loan in the Chelsea neighborhood of New York, NY. The loan is secured by two adjoining 5-story buildings with a combined gross building area of 15,371 square feet. One of the buildings is currently vacant with potential for redevelopment and the other is a mixed-use building consisting of 12 residential apartments above a restaurant on the ground floor. As one of Manhattan’s most desirable and centrally located neighborhoods, Chelsea continues to see restoration and redevelopment of its many brownstones in addition to new development of luxury condominiums and office spaces. The area is a destination for culture and art with over 200 galleries and theatres, in addition to an eclectic mix of shops, restaurants, and nightlife. The subject property is located minutes away from Chelsea Market and the High Line, and benefits from immediate access to the A, C, E, L, 1, 2, 3, F, and M subway lines.
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