Emerald Creek Capital, a private bridge lender based in Manhattan, provided a $17 million bridge loan in the Prospect Heights neighborhood of Brooklyn, NY.
The sponsor approached Emerald Creek for a fast closing as an existing mortgage was coming to maturity.
Mike Cleaver, a Managing Director at Emerald Creek and the originator of the loan, commented, “We work with the most incredible team of people. In the midst of a global crisis they were able to mobilize, figure out logistics, and close this loan remotely while ensuring the safety and wellness of everyone involved.
“We are fortunate to be in a position to help borrowers who still need to close loans despite these challenging times in our capital markets.”
The collateral securing the loan includes 28,848 s/f of luxury condominium units within a newly constructed 26-unit development.