NEW YORK, Dec. 18, 2020 /PRNewswire/ -- Commercial real estate lender Emerald Creek Capital ("ECC") closed 47 transactions in 2020, more than $200 million funded over 35 transactions since the beginning of the COVID-19 pandemic in March. "Our team pulled together from the start to ensure we followed through on our deals," says ECC Managing Partner Mark Bahiri. "We pride ourselves on timely execution and this year we had the opportunity to really prove that as a firm."
In mid-March, ECC provided a $5,600,000 bridge loan in only six business days for the acquisition of a 153-unit apartment complex in Dallas, TX. Subsequently in April, while other lenders halted funding during the heart of the shutdown, ECC provided a $17,000,000 condominium inventory loan in Brooklyn's Prospect Heights neighborhood. The loan is secured by luxury condominium units totaling 28,848 square feet within a newly constructed 26-unit development. Both transactions took a great deal of flexibility to execute on time in an otherwise volatile lending environment.
ECC further solidified its position as a reliable nationwide lender this year with collateral secured in 14 states including California, Texas and Arizona.
Among the firm's notable nationwide deals was a $4,000,000 bridge loan to a five-time repeat borrower for the acquisition of two NNN-leased investment properties located in greater Nashville, TN and Atlanta, GA. The loan was originated by ECC Vice President Matt Fantuzzi. "It's always encouraging when our borrowers come back to us for their next deal," Fantuzzi comments. "It means they are as confident in our process as we are." Emerald Creek reports that over 25% of its borrowers this year were repeat clientele.
While the real estate finance industry faced its share of challenges this year, ECC continued to prove itself as a dependable financing option throughout the most unexpected economic conditions. "We can't know exactly what 2021 will have in store for us," Mark Bahiri adds, "But we are confident in our ability to transact and look forward to assisting borrowers through a variety of financing scenarios."
About: Since inception in 2009, Emerald Creek Capital has built a reputation as an 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.
SOURCE Emerald Creek Capital