Emerald Creek Capital Closes Over $70 Million in Summer 2016
Sep 06, 2016, 04:56 ET
NEW YORK, Sept. 6, 2016 /PRNewswire/ -- Emerald Creek Capital, a New York-based real estate bridge lender, has announced that the firm closed twelve debt transactions totaling more than $70,000,000 across eight states over the summer. The loans were secured by a well-diversified selection of real estate.
Highlighted transactions from the firm include a $24,250,000 luxury condominium inventory loan in Aventura, FL, a $12,000,000 acquisition loan for a regional mall in Washington, PA, and a $5,650,000 construction loan of a mixed-use building in Brooklyn, NY.
"The bridge debt space has grown rapidly this year as conventional banks continue to pull back on their financing," said Mark Bahiri, Managing Partner of Emerald Creek Capital. "Emerald Creek's flexible funds are in a good position to assist in inefficiencies in the market." Year to date, the firm has closed on over $135,000,000 in transactions, up 27% from the same period in 2015.
Deal Highlights
- $24,250,000 in Aventura, FL: Emerald Creek Capital provided a $24,250,000 condominium inventory loan in Aventura, FL. The loan was secured by 20 newly constructed residential condominium units totaling 55,098 SF. Built on a 5 acre site and completed in 2015, the 11-story development is comprised of 190 residential units, 170 of which have already been sold. The property offers extensive amenities including a bay-front infinity-edge pool, fitness center and gym, 24 hour concierge and valet services.
- $12,000,000 in Washington, PA: Emerald Creek Capital provided a $12,000,000 acquisition loan in Washington, PA. This loan enabled the borrower to purchase 532,832 SF of retail space within the 672,918 SF Washington Crown Center, a regional mall built on 94 acres. With over 60 tenants, the Washington Crown Center boasts occupancy in excess of 93%. Washington Crown Center is anchored by Gander Mountain, Sears, The Bon Ton, Hollywood Theaters, Ross, and Marshalls. Other notable tenants include Jo-Ann Fabrics, Ulta Salon, Shoe Dept. Encore, and Victoria's Secret.
- $5,650,000 in Brooklyn, NY: Emerald Creek Capital provided a $5,650,000 construction loan in the Greenpoint neighborhood of Brooklyn, NY. Located within a R6B/C2-4 zoning district, development plans for a new five story, mixed-use building are in place. The plans total 8,913 SF of gross building area containing 10 residential units and one commercial unit. The loan was additionally secured by two residential properties in New Jersey.
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