FIRM SERVED AS LEGAL COUNSEL FOR LENDER FOR MIDTOWN EAST CONDO TOWER TRANSACTION
Rosenberg & Estis, P.C., New York City’s largest real estate law firm, served as legal counsel for lender Emerald Creek Capital in a one-year bridge financing deal, totaling $41.5 million, with New Empire Real Estate Development.
Emerald Creek Capital refinanced a $37.5 million loan, originally provided by Cathay Bank, for New Empire’s proposed development on East 47th Street between Third and Lexington avenues. Michael E. Lefkowitz, Member; Eric S. Orenstein, Member; and David Fries, Associate, represented Emerald Creek Capital in the deal.
“This is an extraordinary project with strong ownership in an attractive location,” said Mr. Orenstein. “While the pace of financing has slowed for many new residential projects, this development was attractive to lenders.”
Structured as a private investment company with both domestic and offshore private equity funds, Emerald Creek Capital provides short-term loans secured by commercial real estate nationwide. Operating without the regulatory constraints of a conventional bank, Emerald Creek Capital focuses on time-sensitive and complex transactions and has become a reliable source for bridge loans.