In April of 2021, Emerald Creek Capital provided a $3,600,000 bridge loan to a repeat borrower in the Greenpoint neighborhood of Brooklyn, NY. The loan is secured by a three-story multifamily building that the sponsor plans to redevelop into a four-story, six-unit condominium building. The unit mix will ultimately consist of four one-bedroom units, one two-bedroom full-floor unit, and one three-bedroom triplex with a private backyard. 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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