Emerald Creek Capital Lending $60.5 Million for New Condominium Development in Long Island City
The loan is secured by 84 condominiums totaling 71,519 square feet in a newly constructed 67-story tower. The building is the tallest skyscraper in Long Island City, totaling 707,560 square feet with 644,004 square feet condominiums, 26,830 square feet retail and a 36,800 square foot parking garage. Amenities include a 24-hour doorman and concierge, fitness center, 22-meter indoor pool, business center, pet spa and more. The units in question range from studios to four bedrooms and are mostly penthouses or located on the upper floors and have great views of the Manhattan skyline and the surrounding area.
Located directly across the East River from Manhattan, Long Island City is one of New York’s fastest growing neighborhoods. The area continues to evolve, offering a vibrant dining and nightlife scene, waterfront parks, and new commercial and residential areas. The subject property has direct in-building access to the E, G, M and 7 subway lines, with a 10-minute ride to Midtown East, Manhattan.
Emerald Creek Capital provides short-term financing for commercial real estate, including multifamily, retail, office and mixed-use assets, nationwide. The firm has recently raised more than $2.7 billion in capital since its inception and has completed 500 transactions in 28 states. Speed, flexibility and execution security continue to be the driving forces behind the company’s growth.