Emerald Creek Capital funds seven loans totaling $21.3 million; Includes a $7.2 million loan arranged by Cleaver

Emerald Creek Capital (ECC) has funded seven loans totaling $21.3 million during the first quarter of this year. Of the seven loans, three were secured by collateral located in New York City. A $7.2 million loan was provided on two mixed-use buildings, located on 1st Ave. and 2nd St., in Manhattan's East Village. Another loan was provided on a waterfront land parcel in Cobble Hill, Brooklyn. Both loans were originated by ECC's Mike Cleaver. The third New York City transaction was secured by a grocery store in the Cypress Hills neighborhood in Brooklyn. The loan was originated by ECC's Matthew Fantuzzi. In addition, ECC financed loans outside of New York City with transactions in Columbus, OH, Joliet, IL, East Stroudsburg, PA, and Southampton, N.Y. "A key factor that sets Emerald Creek Capital apart from the competition is that we have the resources to close loans quickly," said Jeff Seidler, director of ECC. "In New York, the common time sensitive requirement is an expiring TOE clause in a purchase and sales agreement. Nationally, the tax implications associated with 1031 exchanges create this urgency. Emerald Creek Capital has a proven track record of closing transactions in as quickly as four days to meet borrower requests."