In August of 2014, Emerald Creek Capital provided a $4,050,000 bridge loan in the East Williamsburg neighborhood of Brooklyn, NY. The acquisition loan was secured by a development site and multifamily dwelling. The development site is an assemblage of two contiguous lots on a 75’ X 75’ lot. The borrower intends to develop the site into a mixed use building containing 25 residential units and 10,125 SF of Commercial/ Community space. Additionally the loan was secured by a multifamily dwelling comprised of six units totaling 4,125 SF. With an existing portfolio of 38 multifamily and mixed use properties in Brooklyn, the developer utilized Emerald Creek Capital’s expeditious lending process to acquire the development site at an attractive basis.
For more information, please contact:
Jeff Seidler, Managing Director