In March of 2020, Emerald Creek Capital provided a $17,000,000 bridge loan in the Prospect Heights neighborhood of Brooklyn, NY. The loan is secured by luxury condominium units totaling 28,848 square feet within a newly constructed 26-unit development. Ranging from 1 to 3 bedrooms, each unit features high ceilings, spacious living areas, and top-of-the-line finishes and appliances. Residents enjoy amenities including a library, fitness center, yoga room, and roof deck, in addition to an abundance of shops and restaurants in the area. Prospect Heights is a desirable Brooklyn community, home to the Brooklyn Botanical Gardens, Brooklyn Museum, and Barclays Center Arena. The subject property is located steps from Prospect Park and is conveniently accessible by the 2, 3, 4, 5, and S subway lines.
The sponsor approached Emerald Creek for a fast closing as an existing mortgage was coming to maturity. “We are fortunate to be in a position to help borrowers who still need to close loans despite these challenging times in our capital markets,” says Managing Director Mike Cleaver.
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