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Posted: October 28, 2013
Bahiri of Emerald Creek Capital issues $2.35 million bridge loan
Emerald Creek Capital has issued a two-year, $2.35 million bridge loan for the acquisition of a five-story town home in Chelsea. Located on West 25th St., the building had been gut renovated into a single family. Scott Bonora of Excel Realty Capital brokered the deal.
Emerald Creek funded the transaction within the seven-day deadline and saved the borrower from losing their deposit. Mark Bahiri, a co-founder and managing partner, said, "Our origination platform is geared towards these types of expedited situations. The day after the call came in I walked the property and our counsel started working on loan documents immediately."
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