$5.1M Loan Closed For Commercial Asset At 121 8th Ave, Brooklyn

The property involved in the transaction is a four-story, pre-war building located at 121 8th Ave, Brooklyn, NY, 11215. The asset consists of 9 residential units above a 1,450 square foot commercial space. The loan amount provided for this property was $5,100,000.00. Situated in the Park Slope neighborhood of Brooklyn, the building's elegant Renaissance Revival-style exterior is complemented by modern luxury residences.

Summary of transaction details:

• Property Type: Commercial
• Transaction Amount: $5,100,000.00
• Market: Brooklyn

In June of 2022, Emerald Creek Capital acted as the lender for this transaction, providing a bridge loan for the property. The Park Slope area, where the property is located, is known for its proximity to Prospect Park and a variety of transportation options including subway lines 2, 3, 4, B, Q, D, N, R, and W. The building is one block away from Prospect Park, benefiting from the vibrant neighborhood with shopping, dining, and cultural attractions such as the Brooklyn Central Public Library, Brooklyn Botanic Garden, and Barclays Center.