Emerald Creek Capital provided a $1.45M loan to a local borrower in order to assist him with acquiring his discounted note in a time of the essence closing.
Emerald Creek Capital’s loan is secured by a 2-story medical office building near Maryvale Medical Campus. The property contains 42,000 SF of gross leasable area.
The borrower was facing reduced revenues from the property in light of a tenant moving out.
“The occupancy rate on the property would scare off most traditional lenders,” said Joseph Stafford, associate underwriter at Emerald Creek: “But the collateral’s condition and location were sound enough for us to work out a reasonable LTV and make the transaction happen.”
Emerald Creek Capital’s ability to execute quickly allowed the borrower to take advantage of the significant discount.
Based in Manhattan, Emerald Creek Capital provides loans – secured by all kinds of commercial real estate – to middle market borrowers, generally in the amounts of $1M to $20M.