In February of 2021, Emerald Creek Capital provided a $7,080,000 acquisition loan in the Longwood neighborhood of the Bronx, NY. The loan is secured by a single-story warehouse on a 56,813 square foot site with 714 feet of frontage. The sponsor plans to redevelop the property into a state-of-art self-storage facility containing 2,300 climate-controlled units of varying sizes with 124,300 square feet of net rentable area. The property has ceiling heights of 16 – 18 feet, with 8 drive-in dock-high loading doors, and parking available adjacent to the building. Longwood is a densely populated neighborhood just north of Manhattan that has seen increased development in recent years. The subject property is ideally located for a self-storage facility with direct access to Bruckner Boulevard and the Bruckner Expressway and is less than 2 blocks from the 6 train.
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