As Many Lenders Step Back, Emerald Creek Capital Steps Up Na
NEW YORK, July 28, 2020 /PRNewswire/ -- In recent months, the COVID-19 pandemic has presented challenges across the commercial real estate industry with capital markets as no exception. Conventional banks and even private lenders stepped back from transacting altogether due to uncertainties in the market.
The sudden shift in lending practices has meant no shortage of financing requests for New York-based Emerald Creek Capital (ECC), a nationwide lender specializing in bridge loans. Launched in 2009, Emerald Creek has built a reputation of providing reliable alternative financing, even during otherwise challenging lending climates.
While adjusting to the current environment, the team at ECC has continued working efficiently with both repeat borrowers and new clients to see their deals concluded. "We have the flexibility and interest to help investors take advantage of market opportunities as long as the transaction makes sense," says Managing Partner Mark Bahiri.
In mid-March, ECC provided an acquisition loan to an affiliate of Olive Tree Holdings for an acquisition in Dallas. "I had a great experience working with Emerald Creek," says Ian Bel, the Managing Member of Olive Tree, "I sat down with the team and they said they could get it done within a week. They delivered on what they said they were going to do."
From acquisition loans to condo inventory loans, completed deals during the pandemic have spanned markets from New York to Washington, D.C., and from Dallas to Tucson, AZ. ECC reached a new milestone this week, closing its 400th loan since the firm's inception, representing just under $2 billion of capital deployed.
Featured Recent Transactions
$4,000,000 in Washington, D.C.
In May of 2020, ECC provided a $4,000,000 acquisition loan in the Logan Circle neighborhood of Washington, D.C. The borrower purchased a historic 4-story townhouse using his modern 3 story townhouse in Georgetown as additional collateral. The properties total 11,389 square feet of gross livable area and are both located in highly sought-after neighborhoods.
$20,000,000 in New York, NY (Tribeca)
In July of 2020, ECC provided a $20,000,000 condominium inventory loan in the Tribeca neighborhood of NYC, secured by four residential units and one retail unit totaling 25,139 square feet of net rentable area. Subject to landmark designation, the luxury condominium development was designed by world-renowned architect Shigeru Ban. Ranging from 4 to 5 bedrooms in size, each residential unit is configured as a duplex with modern appliances, high ceilings, oversized windows, and living room ceiling heights up to 25 feet.
To learn more about Emerald Creek Capital's recent transactions visit their website: https://emeraldcreekcapital.com/transactions/
About: Since inception in 2009, Emerald Creek Capital has built a reputation as an industry leader in the alternative finance space. The firm provides bridge loans secured by commercial real estate in primary markets through both its domestic and offshore investment vehicles.
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SOURCE Emerald Creek Capital