Emerald Creek Capital completes $6.95 million construction loan

Park Slope property financed by Emerald Creek Capital.

Brooklyn, NY In November, Emerald Creek Capital provided a $6.95 million construction loan in the Park Slope neighborhood. The loan is secured by a 6,000 s/f development site that will be improved with a condominium building totaling 18,000 s/f of gross building area. The borrower plans to build a five-story elevator building that will include nine residential units, three deeded parking spaces, and 20 storage spaces. The project will enjoy 3,470 s/f of outdoor space.  The site benefits from access to the B, D, F, N, R, W, and G  subway lines within a five block radius.

Emerald Creek Capital is a direct portfolio lender originating commercial bridge loans. We provide short-term financing secured by a 1st mortgage on commercial real estate. Our open-door lending platform allows us to deliver fast and flexible loans tailored to the specific needs of each client. Capital is available for acquisitions, refinances, repositioning and other market driven opportunities.

The present economic environment highlights the need for non-traditional lenders. With many banks inhibited by governmental oversight, borrowers are finding it more and more challenging to find credit. In contrast, Emerald Creek’s loan product is fast, flexible and provides certainty of execution. It has proven to be a more attractive path for many qualified sponsors.