In June of 2020, Emerald Creek Capital provided a $4,260,000 acquisition loan in Hoboken, New Jersey. The loan is secured by two 4-story multifamily buildings totaling 7,508 square feet. The sponsor plans to expand and renovate each building to include four 2-bedroom units. The lower-level units will benefit from rear yards and the 3rd-floor units will each contain a roof deck. Hoboken is an increasingly popular residential and business district directly across the river from Manhattan. The area consists of charming brownstones and upscale condominiums, and an abundance of shops, bars, and restaurants. Residents benefit from local parks and walkways along the Hudson River. The subject property is easily accessible by the PATH train at Hoboken Terminal and the NY Waterway Ferry service, with direct access to Manhattan.
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