In February of 2014, Emerald Creek Capital provided a one year $4,700,000 commercial bridge loan in the Union Square neighborhood of Manhattan, NY. On a 22.5’ X 103.25’ lot, the subject property is currently improved with a 5,675 SF four-story mixed use building. Recently vacated, the building is currently comprised of below grade restaurant space and five residential units. With a FAR of 6.02, the borrower intents on maximizing floor area. A portion of the Emerald Creek Capital’s proceeds were used to buy out the last tenant so the site can reach its highest and best use.
For more information, please contact:
Jeff Seidler, Managing Director