In August of 2021, Emerald Creek Capital provided a $15,000,000 1st mortgage bridge loan in the Flushing neighborhood of Queens, NY. The loan is secured by a newly constructed state-of-the-art mixed-use complex encompassing over 300,000 square feet. The complex contains 22 floors of hotel space, 10 floors of medical office space as well as an additional 50,000 square feet of retail and event space. The hotel component of the subject property offers high-end guest rooms, a glass-enclosed sky-bar with panoramic views of the Manhattan skyline, a spa, a fitness center, and other five-star amenities. The subject property also features a below grade parking facility with 300 parking spaces. A multicultural hub rich in history, Flushing is well known for its many eclectic restaurants and shops, and continues to see revitalization through commercial and residential development. The subject property is centrally located near bustling Main Street and benefits from proximity to the L train and LIRR. To help the sponsor meet a time-sensitive deadline Emerald Creek was able to expedite the closing process and fund the loan in just 4 business days.
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