Closing Coast-to-Coast, Emerald Creek Capital Sees Strong First Half of 2021
01 Jul, 2021, 14:24 ET
NEW YORK, July 1, 2021 /PRNewswire/ -- New York-based commercial lender Emerald Creek Capital reports meeting a high demand for short-term financing through the first half of 2021. Loans closed so far this year range from $2 million - $55 million and are secured by well-diversified assets throughout New York, California, Florida, and Texas.
"We've averaged about a closing a week so far this year," explains Managing Partner Mark Bahiri. "I'm extremely happy we can be there for our clients as they take advantage of opportunities in the market."
Among the closed transactions is a $7,500,000 bridge loan provided in the Banker's Hill neighborhood of San Diego, California. The loan is secured by a newly constructed, 9-unit apartment building across from the famous Balboa Park. Units range from two to six bedrooms with private balconies, in addition to a rooftop with sweeping views of the city and San Diego Bay.
Financing for the San Diego loan was originated by Emerald Creek Managing Director Jeff Seidler and arranged by Kevin Meehan, Managing Partner at Atlas Commercial Capital. "When working with Emerald, you are getting a knowledgeable and professional team, competitive terms, and a transaction that closes with ease," Meehan comments on his experience.
Emerald Creek provides middle-market owners and developers with capital for their most time-sensitive deals. Known for agility and seamless execution, the firm has been reliably funding bridge loans since inception in 2009. To date, loans have been funded in as little as 4 business days from an initial request.
2021 Mid-Year Deal Highlights
Emerald Creek provided a $55,000,000 bridge loan in the Union Square neighborhood of Manhattan. The loan is secured by a 6-story, Class A mixed-use retail and office building with 73,113 SF of net rentable area. An AIA Design Award winner, the building features an iconic glass dome creating a unique, light-filled space with soaring views overlooking Union Square.
Emerald Creek provided a $17,000,000 bridge loan in the city of Tamarac, Florida in Broward County. The loan is secured by a recently renovated, state-of-the-art light industrial facility containing 168,105 SF of net rentable area on a well-located 7.57-acre site.
Emerald Creek provided an $8,000,000 acquisition loan in the Wynwood neighborhood of Miami, Florida. The loan is secured by a 65,700 SF site with plans for a 12-story, Class A mixed-use building with 225 apartments above 22,000 square feet of ground-floor commercial space.
About: With offices in Manhattan, Boston, Pennsylvania and South Florida, Emerald Creek Capital has built a reputation as the industry leader in the alternative finance space. The firm provides bridge loans secured by commercial real estate in primary markets through both its domestic and offshore investment vehicles. To date, the firm has provided over $2 billion in 1st mortgage loans across more than 425 loan transactions.
SOURCE Emerald Creek Capital
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