Emerald Creek Capital Provides $2,200,000 Bridge Loan
Forbes.com - Magazine Article
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Emerald Creek Capital Provides $2,200,000 Bridge Loan 10.22.09, 6:06 PM ET
NEW YORK, Oct. 22 /PRNewswire/ -- Emerald Creek Capital ( www.emeraldcreekcapital.com ), a private equity investment group based in Manhattan, New York, has recently funded a $2,200,000 loan in Waco, Texas. The property, a 200 unit apartment complex, is composed of thirteen 2-story buildings. The loan enabled the borrower to satisfy a ballooning mortgage as well as provide funds to stabilize the apartment complex. At the time of closing the complex was 81% occupied. Stabilization for the Waco sub-market hovers around 88%. Given the current economic conditions and the overall tightening of the credit markets, refinancing un-stabilized apartment complexes has become increasingly more difficult. It is not uncommon for property owners to seek interim financing in cases such as these. The borrower required swift action on behalf of the lending institution. Emerald Creek Capital funded the loan within 30 days allowing the borrower the much needed time to stabilize the property before applying for a conventional HUD loan. Mike Cleaver, a Senior Vice President at Emerald Creek Capital, discusses the transaction: "We received the call and had an appraiser down there within ten days. The borrowing entity owns thousands of housing units and required immediate assistance. They run a very professional management company; they simply ran out of time." With its headquarters in Manhattan, Emerald Creek Capital ( www.emeraldcreekcapital.com ) is filling the gap created by the frozen credit markets. The firm provides short-term loans secured by commercial real estate to borrowers who are experiencing liquidity constraints, as well as to those who are looking to capitalize on opportunities that have arisen within the commercial real estate market. Website: http://www.emeraldcreekcapital.com
Copyright 2009 PR Newswire All rights reserved.
http://www.forbes.com/feeds/prnewswire/2009/10/22/prnewswire200910221800PR_NE...
10/26/2009
Page 1 of 1
Press Release
Emerald Creek Capital Provides $2,200,000 Bridge Loan 10.22.09, 6:06 PM ET
NEW YORK, Oct. 22 /PRNewswire/ -- Emerald Creek Capital ( www.emeraldcreekcapital.com ), a private equity investment group based in Manhattan, New York, has recently funded a $2,200,000 loan in Waco, Texas. The property, a 200 unit apartment complex, is composed of thirteen 2-story buildings. The loan enabled the borrower to satisfy a ballooning mortgage as well as provide funds to stabilize the apartment complex. At the time of closing the complex was 81% occupied. Stabilization for the Waco sub-market hovers around 88%. Given the current economic conditions and the overall tightening of the credit markets, refinancing un-stabilized apartment complexes has become increasingly more difficult. It is not uncommon for property owners to seek interim financing in cases such as these. The borrower required swift action on behalf of the lending institution. Emerald Creek Capital funded the loan within 30 days allowing the borrower the much needed time to stabilize the property before applying for a conventional HUD loan. Mike Cleaver, a Senior Vice President at Emerald Creek Capital, discusses the transaction: "We received the call and had an appraiser down there within ten days. The borrowing entity owns thousands of housing units and required immediate assistance. They run a very professional management company; they simply ran out of time." With its headquarters in Manhattan, Emerald Creek Capital ( www.emeraldcreekcapital.com ) is filling the gap created by the frozen credit markets. The firm provides short-term loans secured by commercial real estate to borrowers who are experiencing liquidity constraints, as well as to those who are looking to capitalize on opportunities that have arisen within the commercial real estate market. Website: http://www.emeraldcreekcapital.com
Copyright 2009 PR Newswire All rights reserved.
http://www.forbes.com/feeds/prnewswire/2009/10/22/prnewswire200910221800PR_NE...
10/26/2009
