In February of 2022, Emerald Creek Capital provided an $8,300,000 bridge loan in the Union Square neighborhood of New York, NY. The loan is secured by a six-story mixed-use building with 13,035 square feet of gross buildable area and 38 feet of frontage. The first two floors consist of one 4,330 square foot retail unit, and the upper floors consist of 7,362 square feet of office space. Union Square is a central, bustling neighborhood known for trendy restaurants, retail shopping, and high-quality mixed-use buildings surrounding the iconic Union Square Park. Additional collateral securing the loan includes two commercial properties located in Queens, NY. The first is a 6-unit, 4,860 square-foot multifamily building in Jackson Heights, and the second is a 4,000 square foot automotive building in Woodside positioned for multifamily or mixed-use redevelopment.
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