Manhattan-based real estate lender Emerald Creek Capital (“ECC”) has announced the closing of a $55,000,000 bridge loan on the northeastern corner of Union Square in Manhattan. The loan is secured by a Class-A mixed-use building containing 73,113 square feet of net rentable area.
As the former home of the historic Tammany Hall, the landmark building recently underwent an $85 million renovation, including the addition of a stunning panoramic glass dome. The 12,000 square foot dome was constructed to resemble the shell of a turtle rising out of the water – the namesake of the 17th century leader Chief Tammanend, who was celebrated as a champion of peace and friendship.
Union Square is a central Manhattan neighborhood known for trendy restaurants, sought-after retail shopping, and high-quality mixed-use buildings surrounding the iconic park. This property offers multiple open floors of elliptical, light-filled office space along with expansive 21′ ceiling heights and broad views overlooking Union Square Park. Together with the highly visible and distinctive exterior, the renovated building creates an ideal opportunity for both retail and office tenants.
“The strength of the collateral is unmatched both from an architectural design and location standpoint,” says
ECC Managing Partner Mark Bahiri. “The property offers a one-of-a-kind opportunity for tenants to build their brand in one of the most coveted live-work neighborhoods in New York City. The strong borrower sponsorship added to the appeal of the transaction.”
Financing for the loan was originated by ECC Managing Director Jeff Seidler and arranged by Egor Petrov of Estreich & Company. “It was a pleasure working with Emerald Creek’s team on this transaction. They showed flexibility when needed and executed the deal extremely quickly,” comments Petrov, who secured the financing for a subsidiary of Reading International, Inc.
About: With offices in Manhattan, Boston, Pennsylvania and South Florida, Emerald Creek Capital has built a reputation as the 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. To date, the firm has provided over $2 billion in 1st mortgage loans across more than 400 loan transactions.