Harlem neighborhood property - Brooklyn, NYNew York, NY Emerald Creek Capital LLC provided four loans totaling $13.31 million for the following transactions:
• A $5.65 million construction loan in the Greenpoint neighborhood of Brooklyn. Located within a R6B/ C2-4 zoning district, development plans for a new five-story, mixed-use building are in place. The plans total 8,913 s/f of gross building area containing ten residential units and one commercial unit. The loan was additionally secured by two residential properties in New Jersey. The loan was originated by Mike Cleaver of Emerald Creek.
• A $4 million acquisition loan in the Bushwick neighborhood of Brooklyn. The subject property is an 11,108 s/f development site currently improved by a 10,650 s/f single-story retail building. Located within a C4-3/R6 zoning district, the site has a maximum development potential of 53,520 s/f. The loan was originated by Jeff Seidler of Emerald Creek.
Murray Hill property - Manhattan, NY• A $1.9 million acquisition and renovation loan in the Harlem neighborhood of Manhattan. The property is a three-story plus garden level townhouse comprised of four units with a gross building area of 3,956 s/f. Located within a R7-2/ C1-4 zoning district, the site has a maximum development potential of 5,728 s/f. The loan was originated by Seidler.
• A $1.75 million acquisition loan in the Murray Hill neighborhood of Manhattan. The loan is secured by a two bedroom, two bathroom condominium totaling 1,097 s/f. Situated on the 31st floor, the unit features northern, southern and eastern exposures. The loan was originated by Matt Fantuzzi of Emerald Creek.