In October of 2020, Emerald Creek Capital provided a $2,900,000 acquisition and construction loan in the Park Slope neighborhood of Brooklyn, NY. The loan is secured by a three-story townhouse building which the sponsor plans to gut renovate into three luxury condominiums. Upon completion, the building will contain 4,320 square feet of net sellable area consisting of a 2‐bedroom duplex on the ground floor and lower level with a private back yard, a 2‐bedroom floor‐through unit on the second floor with a roof deck, and a 3‐bedroom duplex on the third floor and penthouse level with a roof deck. Park Slope is one of the most desirable residential neighborhoods in the New York City area, adjacent to Prospect Park in the heart of Brooklyn. The subject property is a short drive from Manhattan and benefits from access to the G, F, and R subway lines.
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