Emerald Creek Capital Funds $11,000,000 Bridge Loan in Brooklyn, NY

NEW YORK, March 7, 2014 /PRNewswire/ -- Emerald Creek Capital recently announced the closing of an $11,000,000 construction loan in Brooklyn, NY. The borrower, an active real estate developer, sought Emerald Creek Capital to finance the construction of four luxury townhomes on Pacific Street in the Boerum Hill neighborhood of Brooklyn, NY. Emerald Creek Capital will be receiving the security of a first mortgage on the subject property as well as a neighboring development site on Atlantic Avenue. When completed, the project will encompass a total of 20,000 SF of sellable area. According to The Real Deal's 2014 Data Book, Boerum Hill ranks the highest in average sale price per home of all neighborhoods in Brooklyn and median sale prices for new developments in Brooklyn have increased by 20.5% year-over-year. "We love the area," states Mark Penna, a Managing Partner. "The end product fits perfectly into the surrounding neighborhood." Due to supply constraints for single family residences, this development is expected to have a gross sellout in excess of $20,000,000.

Based in Manhattan, NY, Emerald Creek Capital specializes in providing short term bridge loans nationwide. Mortgages of up to $20 million are financed from both its Onshore and Offshore funds and secured by all types of commercial real estate.

SOURCE Emerald Creek Capital