Emerald Creek Capital Lends $23,000,000 for Lower East Side Acquisition

News provided by

Oct 20, 2014, 01:19 ET

NEW YORK, Oct. 20, 2014 /PRNewswire/ -- Emerald Creek Capital, a private equity firm based in New York City, recently provided a $23,000,000 acquisition loan for the purchase of a development site located at 50 Clinton Street in the Lower East Side (LES) of Manhattan. The site is zoned R7A and has approved plans for a seven-story luxury condominium building comprised of 37 residential units and grade retail.

The sponsor, DHA Capital, is a New York City based development firm. The principals at DHA Capital have acquired, financed and developed over 3 million square feet of real estate in NYC. "We recognized the potential for this site and needed a lender who could move quickly," said Josh Schuster, a Principal at DHA Capital. "We chose Emerald Creek Capital because of their reputation in the marketplace."

Over the past five years, the gentrification of the East Village has spread to the LES, making it one of Manhattan's trendiest neighborhoods. The area has become home to numerous contemporary art galleries and upscale boutiques. The availability of a 10,000 square foot parcel that is not subject to any leasehold interests is rare in this neighborhood. In contrast to the neighboring lot sizes, the 50 Clinton Street project will be capable of providing amenities such as a spacious lobby, gym, and shared roof deck.

Photo - http://photos.prnewswire.com/prnh/20141020/153105

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/emerald-creek-capital-lends-23000000-for-lower-east-side-acquisition-336223014.html

SOURCE Emerald Creek Capital