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Emerald Creek funds USD3.8m bridge loan in Manhattan

Emerald Creek Capital, a private equity fund specialising in bridge loans, has funded a USD3.8m loan in Manhattan, New York.

The property, a 7,000 square foot historic brownstone located in Manhattan’s West Village, currently houses two tenants.

The loan enabled the borrower to satisfy the expired mortgage as well as cash out additional proceeds.

Feeling pressure from the bank to satisfy his debt, the borrower came to Emerald Creek for a quick closing. Emerald Creek Capital performed its due diligence and approved the loan within three weeks.

Managing partner Mark Bahiri says: "Although the economy has started to improve, commercial banks are still very hesitant to lend their capital even on trophy assets like this."

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