In February of 2021, Emerald Creek Capital provided a $3,550,000 acquisition and construction loan in the Greenpoint neighborhood of Brooklyn, NY. The loan is secured by a 2,500 square foot development site with 25 feet of frontage. Plans for the site include a four-story, six-unit residential building encompassing 7,084 square feet of gross building area. The unit mix will consist of five simplex apartments ranging from studio to two bedrooms, and one triplex apartment with three bedrooms. All six units will feature a private balcony and the triplex will also enjoy a private rear yard. Greenpoint is an evolving residential area with hipster appeal and a vibrant artistic community. The neighborhood benefits from waterfront parks along the East River, trend-setting eateries, bars, and live music venues. The subject property is easily accessible by the G train.
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