NEW YORK, April 7, 2016 /PRNewswire/ -- During its successful 1st quarter of 2016, Emerald Creek Capital, an industry leader in the alternative finance space, funded $40 million in real estate debt transactions. The eleven loans were secured by collateral located across five states and comprised of a mixture of multi-family, retail, mixed-use and office properties. Highlighted transactions for the firm include a $13 million acquisition loan for a super-regional mall in Pennsdale, Pennsylvania, an $8 million acquisition loan for a mixed-use property in the Kips Bay neighborhood of Manhattan, and a $2.6 million acquisition loan for a mixed-use apartment and retail building in Wilmington, North Carolina.
Emerald Creek's capital base comes from its offshore and domestic investment funds, which have experienced healthy growth since inception. Now on its fourth series of funds, the firm is well-positioned to continue to capitalize on the evolving real estate market. "With the future of equity markets uncertain and the ultra-luxury and land markets starting to dip, Emerald Creek's focus will be on finding the right opportunities in core areas," said Mark Bahiri, Managing Partner. "We have a proven track record of underwriting strong real estate, and our investors recognize it."
Deal Highlights for Q1 2016:
- $13 million in Pennsdale, PA: Emerald Creek Capital provided a $13 million acquisition loan secured by an 800,000 SF regional mall situated on a 156 acre land parcel. Anchored by Macy's, Sears, JC Penney, Bon-Ton, Burlington Coat Factory, and Dick's Sporting Goods, the property is 96% occupied and was acquired for $26 million.
- $8 million in Manhattan, NY: Emerald Creek Capital provided an $8 million acquisition loan secured by a 12,500 SF mixed-use building situated on a 6,400 SF lot. In addition to the gross building area, the property has an additional 26,141 SF of developable rights. Located in the Kips Bay neighborhood of Manhattan, the site is located within walking distance from Grand Central Station and benefits from immediate access to multiple subway train lines.
- $2.6 million in Wilmington, NC: Emerald Creek Capital provided a $2.6 million acquisition loan in Wilmington, North Carolina. The loan was secured by a three-story, 28,000 SF, 27-unit apartment complex and a 5,000 SF single-story retail center. The property is 100% occupied.
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SOURCE Emerald Creek Capital