Emerald Creek Capital has provided $11.5 million in construction financing for a mixed-use Boreum Hill development.
Managing directors Jeff Seidler and Mike Cleaver originated the 24-month loan arranged by Equicap.
Located on a 7,161 s/f site at 264 Pacific Street, the loan is secured by a to-be-completed seven-story mixed-use building totaling 22,502 s/f. The project will contain 24 residential units totaling 18,106 s/f 1,311 s/f of ground-floor retail and 1,529 s/f of below grade retail. There will also be 12 covered parking spaces and a common roof deck.
The site is steps from Court and Smith Streets, two major commercial corridors each with a variety of restaurants and boutiques.
According to public records, the development is owned by a joint venture that includes Owen Realty.