In October of 2014, Emerald Creek Capital provided a $2,500,000 bridge loan in the Crown Heights neighborhood of Brooklyn, NY. The subject property is the Susan B. Elkins house and according to the Landmark Preservation Commission is the only civil war era wooden country home remaining in Crown Heights. The loan proceeds will be used to restore and redevelop the subject property into five luxury condominiums units. The developer is working closely with the LPC to maintain the historic features and characteristics of one of the most historically significant sites in Brooklyn. The three duplex and two simplex units range in size from 1,266- 1,737 SF. All units will benefits from private outdoor space. As a repeat borrower of Emerald Creek Capital, the sponsor is one of the most active developers in Crown Heights with a focus on historic restorations.
For more information, please contact:
Mark Bahiri, Managing Partner, Co-Founder