Emerald Creek Capital Funds Discounted Payoff in Texas

Mar 01, 2011, 11:39 ET from Emerald Creek Capital

NEW YORK, March 1, 2011 /PRNewswire/ -- Emerald Creek Capital, a private equity fund out of Manhattan, NY has just refinanced a discounted note in less than 2 weeks.  The borrower, an experienced California based real estate owner, was presented with an extraordinary opportunity by their lender.  If they refinanced their loan within 2 weeks then they would receive a 30% discount on the payoff.  With an original loan balance of $2,540,000 that meant the sponsor could save $700,000. Emerald Creek Capital (www.emeraldcreekcapital.com) was able to conduct their due diligence, complete their legal work and refinance the note in the short time frame presented.  

The loan was secured by a 63,000 SF office building in Corpus Christi, TX. "Once they moved forward with our term sheet I got on a plane right away," says Managing Partner Mark Penna. "After walking the building and meeting the sponsors, I realized they were presented with an amazing opportunity."  

Recently featured on CNBC's "The Strategy Session" Emerald Creek Capital is finding new ways to help real estate professionals capitalize on the continued distress in the credit markets.  The closing is already Emerald's 7th bridge loan this year. In total, they have funded 3 similar discounted pay offs helping borrowers reduce their debt by an average of more than 25%.  Launched in the 3rd quarter of 2009, Emerald Creek Capital is a private equity fund using discretionary capital to provide short term bridge loans secured by commercial real estate.

SOURCE Emerald Creek Capital