Funded over $100 Million in November and December
New York-based bridge lender Emerald Creek Capital has announced the origination of over $100 million in commercial real estate loans during November and December 2021. The 11 transactions are first lien positions secured by collateral spanning New York, New Jersey, California, Florida, and Texas. Asset classes include multifamily, mixed-use, new development, office, and self-storage.
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Notable among the transactions is a $23,500,000 bridge loan closed in November in Manhattan’s Financial District. The collateralized property consists of a 6,199 square foot site zoned for commercial and residential development, with 92,985 square feet of buildable area. The site sits steps from landmarks including the World Trade Center, One World Observatory, and Brookfield Place. “This is an unbeatable location in Lower Manhattan paired with an equally strong sponsorship,” comments Senior Vice President Dean Wang, who originated the financing.
Also significant this quarter was a $13,250,000 acquisition loan provided in Houston, Texas against a 107,923 square foot, single-tenant office building. The property is 100% leased to a credit tenant on a long-term lease. The site encompasses nearly 6 acres with excellent exposure in Westchase, a high-quality residential and business district 15 miles west of downtown Houston. The sponsor is a six-time borrower of Emerald Creek, a testament to the firm’s reliability as a lending partner.
“Our clients trust we will execute consistently, and we take great pride in that,” says Managing Partner Mark Bahiri. “We’ve built many strong partnerships over the years and today one in three borrowers has worked with us before.”
To close out the year, Emerald Creek provided a $12,000,000 acquisition loan in the historic town of Greenport, New York on the north fork of Long Island. The loan is secured by a 17-unit, 44,400 square foot waterfront condominium building. With 22,523 square feet of net sellable area, the spacious luxury residences range from 1 to 3 bedrooms, each with a private balcony and many enjoying waterfront views. Emerald Creek Capital Managing Director Jeff Seidler, Senior Vice President Dean Wang, and Associate Joanna Stevens collaborated in originating the financing.
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Commercial real estate’s vulnerability to unpredictable external influences has become apparent as a result of the Covid-19 pandemic. Change, however, presents new opportunities to those willing to adapt. By partnering with borrowers to capitalize on these opportunities, Emerald Creek continues to prove dependable in an otherwise unreliable capital environment.
Managing Partner Mark Penna commented on the company’s outlook for the new year. “Protecting the interests of our investors and maximizing their returns always comes first,” he says. “Our focus remains on assets we are confident will hold long-term value in the face of varying economic conditions. We look forward to a strong 2022 with this in mind.”
Emerald Creek is well positioned to further grow its market share in 2022. Currently the firm manages four discretionary debt vehicles enabling the company to lend without the restrictions of more traditional capital sources.
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