PRESS RELEASE: Avison Young Arranges $13.75 Million Construction Loan with Emerald Creek Capital
September 30, 2020Proposed ground-up condominium planned for vacant lot at 14 Second Avenue in the East Village
New York, NY – Avison Young’s Debt, Joint Venture, Structure Capital and Loan Sale Group has arranged a $13,750,000 million construction loan with Emerald Creek Capital for a proposed 10-story, ground-up residential condominium on a vacant lot at 14 Second Avenue in the East Village.
An Avison Young team comprised of Justin Piasecki, Principal, and Brandon Polakoff, Senior Director, represented the borrower, Daniel Vislocky of Station Companies. Emerald Creek Capital was represented by Managing Director Jeff Seidler.
Located between East Houston and East First Street, the 22,247-square-foot development will include 10 condo units spanning a 16,851-square-foot net sellable area, a cellar, subcellar and outdoor space.
Since inception in 2009, Emerald Creek Capital has built a reputation as an industry leader in the alternative finance space. The firm provides bridge loans secured by commercial real estate in primary markets through both its domestic and offshore investment vehicles.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For additional information/comment/photos:
Tom Nolan Great Ink, 908-392-0333 [email protected]
Gail Donovan, Avison Young, 212.230.5990, [email protected]