Emerald Creek Capital Refinances Mixed-Use Building In Brooklyn For $5.25M

A mixed-use building located at 159 Smith Street in Brooklyn was recently refinanced. The property consists of 8 one-bedroom residential units, ground floor double height retail, and below grade commercial space. With a total square footage of 9,371 sf, this building offers a diverse range of uses to its tenants. The transaction took place on December 29, 2017.

Summary of transaction details:

• Property Type: Mixed-use building
• Transaction Amount: $5,250,000
• Address: 159 Smith Street, Brooklyn
• Lender: Emerald Creek Capital
• Broker: Michael Chelala

Michael Chelala, representing the borrower in this deal, successfully negotiated a refinancing agreement with a cash out component. The borrower was able to secure additional funds to complete the construction project, thanks to Michael's efforts.