In November of 2018, Emerald Creek Capital provided a $40,550,000 loan to refinance a commercial property in the Nolita neighborhood of New York, NY. The collateral securing the loan includes two adjacent mixed-use buildings totaling 54,657 square feet of net rentable area. The first is an eight-story, recently-constructed building consisting of 15,120 square feet of retail space, a 48-key hotel and 27 residential units. An international hotel management firm has signed a 20-year lease for the hotel. The second property is a 10,625 square foot mixed-use building containing 4,250 square feet of retail space, 5,313 square feet of office space, and 1,062 square feet of residential space. Nolita is a highly desirable retail and residential location known for its chic shopping scene, restaurants and bars. The subject property benefits from convenient access to the B, D, J, and Z trains.
For more information, please contact:
Matt Fantuzzi, Senior Associate