NEW YORK, March 17, 2022 – Nationwide bridge lender Emerald Creek Capital (“ECC”) has announced the closing of a $43,300,000 acquisition loan on the southwestern shore of Staten Island, NY.
Proceeds from the loan were used to purchase a five-building, 51-unit commercial center with 161,210 square feet of net rentable area. Verizon Wireless, Dunkin Donuts, and Panera Bread are among the long-term tenants in place. The subject property also features a Tesla charging station.
The 7.71-acre site benefits from great exposure in a developed commercial area with many sought-after retailers, restaurants, and entertainment options. The popular shopping destination attracts demand locally and regionally across Staten Island and neighboring New Jersey. The subject property is easily accessible by Route 440 and the Staten Island Railroad.
Financing for the loan was originated by ECC Senior Vice President Dean Wang. The transaction is one of seven first-lien mortgages provided by Emerald Creek Capital so far this quarter, totaling over $130 million in capital deployed.
About Emerald Creek Capital:
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 $2.25 billion in first mortgage loans across more than 445 loan transactions.
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