Emerald Creek Capital provides $5 million loan for restoration project

Emerald Creek Capital has provided a $5 million loan to a leading development firm in order to complete the restoration of the historic Williamsburg Savings Bank. The building was designed in 1875 by architect George Post, who would later design the New York Stock Exchange. The current restoration is supervised by David Scott Parker, who previously restored the U.S. Treasury Building in Washington, D.C. With its historical significance, elaborate interior decorations, and 28,800 s/f of event and ancillary space, the former Williamsburg Savings Bank is destined to be one of the premier event centers in the city. The borrower originally bought the historic building in an all-cash transaction and has since injected a significant amount of capital into the restoration. Given the quality of the sponsorship and the exceptional collateral, Emerald Creek Capital priced this loan at 8%. "Williamsburg Savings Bank has historically been regarded as one of the most important non-government buildings in the nation," said Jeff Seidler, director of Emerald Creek. "Its strong revenue potential as an events space allowed us to lend at an exceptional rate." Emerald Creek Capital's ability to execute quickly allowed the borrower to proceed with the final stages of the restoration in a timely fashion. Based out of Manhattan, NY, Emerald Creek Capital has enjoyed success nationwide. The firm provides loans - secured by all kinds of commercial real estate - to middle market borrowers, generally in the amounts of $1-20 million.