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Emerald Creek Furnishes Bridge Loan for Former Tammany Hall in Union Square
Emerald Creek Capital (ECC) closed a $55-million bridge loan for 44 Union Square, a 73,113-square-foot Class-A mixed-use property on the northeast corner of Union Square.
As the former home of the historic Tammany Hall, the 1929-vintage landmark recently underwent an $85-million renovation, including the addition of a panoramic glass dome.
“The strength of the collateral is unmatched both from an architectural design and location standpoint,” said 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 Estreich & Company’s Egor Petrov. ECC’s team “showed flexibility when needed and executed the deal extremely quickly,” said Petrov, who secured the financing for a subsidiary of Reading International.
- ◦Development
- ◦Financing
