Bridge Lender Emerald Creek on Pace to Fund $500M of Loans in 2022
New York-based national bridge lender Emerald Creek Capital has funded over $133 million in commercial mortgages during the first quarter of 2022, on pace to lend over half a billion for the year, the company said.
Notable among the Q1 closings is a $43.3 million acquisition loan provided on the south shore of Staten Island, NY. The loan is secured by a five-building, 51-unit commercial complex 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 property also features a Tesla charging station.
The loan was funded in just three weeks.
Additionally, in Q1, Emerald Creek provided a $14.1 million acquisition loan to a long- standing repeat borrower in the city of Rochester, NY. The property consists of a 111,741- square-foot warehouse and distribution facility net leased to FedEx. The building is located within the Rochester Technology Park, home to global tenants including Pepsi, McKesson, Kodak, and L3 Harris Technologies.
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