In October of 2019, Emerald Creek Capital provided a $6,500,000 acquisition loan in the Ridgewood neighborhood of Queens, NY. The loan is secured by a 15,029 square foot site currently improved with two 1-story commercial buildings with 170 feet of combined frontage. The borrower plans to redevelop the property into a 7-story mixed-use building comprised of 60 residential units and 4,029 square feet of ground-floor retail space. Ridgewood is an increasingly popular residential community that continues to undergo new development, best known for its historic brownstones and array of eclectic restaurants. Residents also enjoy vibrant night life options and art scenes in neighboring East Williamsburg and Bushwick. The subject property benefits from its location on Ridgewood’s most prominent commercial corridor, Myrtle Avenue, and is easily accessible by the M train.
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