In March of 2021, Emerald Creek Capital provided a $9,000,000 acquisition loan in the Elmhurst neighborhood of Queens, NY. The loan is secured by a 35,537 square foot warehouse on a 54,913 square foot site with 359 feet of frontage. The property has ceiling heights of 17 feet and 5 drive-in loading doors. 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 134,200 square feet of net rentable area. Elmhurst is a densely populated residential neighborhood with proximity to Queens Boulevard, the Long Island Expressway, and the Brooklyn Queens Expressway. The subject property is ideally located for a self-storage facility with visibility and access from Grand Avenue, the neighborhood’s main commercial corridor.
For more information, please contact:
Check out our interactive map for a comprehensive look at our nationwide lending activity.