Cleaver of Emerald Creek Capital funds $1.75 million

New York based private equity fund, Emerald Creek Capital, recently provided a $1.75 million acquisition loan to a real estate investment manager for the purchase of a 15,100 s/f office building. The loan was originated by Senior vice president, Mike Cleaver. Cleaver said, "The borrower came to us for a loan after being taken down the road by a regional bank in the area. Due to the current state of the credit markets, the conventional lender did not have the ability to close the loan in time to fulfill the sponsor's purchase contract. Once we received the call, we had funds in escrow to close in five business days." Situated in Silicon Valley, Mountain View is home to the headquarters of some of the largest and most prominent internet and technology companies in America. Firms such as Google, Symantec, LinkedIn, and Intuit all are based in Mountain View. As a nationwide lender, this loan provides a level of diversification to Emerald Creek Capital's portfolio and is the second loan they have closed in California. Amid the turmoil in the public capital markets, the ability to access alternative sources of credit is paramount to the success of commercial real estate owners and developers who are looking to be opportunistic right now. Due in part to the overall tentativeness of conventional lenders, Emerald Creek Capital has seen a large demand for liquidity in time sensitive transactions such as the purchase in Mountain View. Mark Penna, a managing partner at Emerald Creek, said, "Our structure as a private equity fund allows us to respond promptly to our borrower's needs. Given the location of the asset as well as the resume of the borrower, we moved as fast as possible to fund this loan and assist our client in their purchase. As banks continue to work out their own problems, we continue to see quality deals from solid borrowers who are looking to make moves in this market."