NYC-based bridge lender Emerald Creek Capital (ECC) reports providing a $60,500,000 condominium inventory loan in the Long Island City neighborhood of Queens, NY. ECC’s Senior Vice President Dean Wang originated the financing.
The loan is secured by 84 condominium units totaling 71,519 square feet within a newly constructed 67-story tower. The building is the tallest skyscraper in Long Island City and contains a total of 707,560 square feet with 644,004 square feet of residential condos, 26,830 square feet of retail, and a 36,800 square foot parking garage. Amenities include a 24-hour doorman and concierge, fitness center, 75-foot indoor swimming pool, business center, pet spa, and more. The subject units range from studios to four bedrooms and are primarily penthouses or located on the upper floors, offering superb views of the Manhattan skyline and surrounding area.
Directly across the East River from Manhattan, Long Island City is one of New York’s fastest-growing neighborhoods. The area continues to evolve, offering a vibrant restaurant and nightlife scene, waterfront parks, and new commercial and residential development. The subject property has direct in-building access to the E, G, M, and 7 subway lines, with a 10-minute commute to Midtown East, Manhattan.
Emerald Creek Capital provides short-term financing on commercial properties nationwide including multifamily, retail, office, and mixed-use assets. The firm recently surpassed $2.7 billion in capital deployed since inception and has closed 500 transactions in 28 states. Speed, flexibility, and certainty of execution continue to be the driving forces behind the company’s growth.
