MANHATTAN, N.Y., Jan. 12, 2015 /PRNewswire/ -- Emerald Creek Capital, a private equity firm based in New York City, finished out 2014 by closing six loans totaling over $25 million during the month of December. The loans ranged in size from around $1 million to $9 million and were secured by collateral of various property types. The collateral was located both locally in the New York Metropolitan Area as well as nationwide, with properties located in Florida and Illinois.
$9 million was provided to a department store owner to enable him to repurchase collateral he was forced to sell during the downturn. The loan is secured by a 43,640 square foot retail building in the South Bronx. The property is located in the shopping corridor known as The Hub. According to the South Bronx Economic Development Corp., this area is the second busiest shopping district in all of New York City behind only Times Square.
Outside of New York, Emerald Creek closed a $2,250,000 loan in Crystal Lake, Illinois. The borrower, the owner of a real estate investment company, needed to refinance his existing loan. The transaction involved two properties that were cross-collateralized to ensure ample security.
Directors Mike Cleaver and Jeff Seidler contributed tremendously to this year-end push. Together, the pair has originated over $200 million in loans across 26 states. In recognition of their success, both Cleaver and Seidler were recently presented with the commercial mortgage industry's prestigious Top 25 under 35 award. Having two originators recognized in the Top 25 under 35 confirms Emerald Creek's position as a recognized and respected player in the industry. Emerald Creek's origination grew more than 100% in 2014 as compared to 2013 and expects continued growth in 2015.
Emerald Creek Capital is a private equity firm that specializes in providing short term bridge loans through both its onshore and offshore asset based funds. The firm will be launching its fourth income fund this month and is in a great position to expand its market share.
SOURCE Emerald Creek Capital