Emerald Creek Capital Provides $11.5M Construction Loan For Ground Up Rental Development In Brooklyn

A ground up rental development located at 262 Pacific Street in Brooklyn, New York has recently secured a construction loan of $11,500,000. The loan was provided by Emerald Creek Capital at a fixed rate of 10%. With a loan-to-cost ratio (LTC) of 70%, this project aims to bring a new rental property to the market.

Summary of transaction details

• Property Type: Ground up rental development
• Transaction Amount: $11,500,000
• Address: 262 Pacific Street, Brooklyn, New York
• Market: Brooklyn

The loan was facilitated by Dan Hilpert from Equicap, who represented the borrower in the deal. As the project moves forward, Rob Owen will serve as the landlord overseeing the development.