Emerald Creek Capital Funds Two Bridge Loans in One Week
NEW YORK, July 19 /PRNewswire/ -- Emerald Creek Capital, a private equity fund out of Manhattan, NY has recently financed two short term bridge loans in one week. Both loans presented a unique opportunity to provide short term senior secured debt on attractive real estate.
First, Emerald Creek closed an $850,000 loan in Tampa, FL. The loan was secured by a 40 unit apartment complex. Proceeds enabled the sponsor to complete the renovation and stabilize the property. Emerald expects to be taken out by a government loan prior to their 12 month balloon. Their second deal of the week was for $1,150,000 and allowed the borrower to use cash out proceeds to secure another time sensitive acquisition. The loan was secured by a 5,000 SF commercial building on East 11th St. in Manhattan's Alphabet City. This loan was approved in one week and had a coupon rate of only 10%. Mike Cleaver, a Senior Vice President explains, "By listening to our clients and remaining flexible, we are able to customize a loan structure that meets their specific needs."
Launched in the 4th quarter of 2009, Emerald Creek Capital (www.emeraldcreekcapital.com) has funded numerous bridge loans throughout the country. In a market where credit is a scarce commodity, Emerald Creek is actively looking to provide borrowers with access to short term capital.
SOURCE Emerald Creek Capital
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