To assist with the acquisition and renovation of the building, the firm needed the right type of financing behind them. “The rehab budget relative to the acquisition price lent itself to bridge financing,” states Aaron Papowitz, founder and managing principal of SilverBrick. So when it came to finding the right lender to support the project, Mr. Papowitz chose Manhattan-based Emerald Creek Capital for the $8,000,000 bridge loan. Emerald Creek is an experienced lending institution celebrating a 10-year track record of financing value-add opportunities using a client-focused loan program that emphasizes an ease of execution. “Emerald Creek’s impeccable reputation and flawless execution on our last transaction made them the obvious choice for this project. They have a thorough yet streamlined draw process which separates them from other bridge lenders,” explains Mr. Papowitz.
Now renamed SilverBrick Square, the complex has quickly become one of Springfield’s most desirable residences with newly renovated units and common areas, high-quality finishes and a state-of-the-art fitness center. “SilverBrick specializes in repositioning residential and mixed-use real estate assets,” explains Mark Bahiri, co-founder and managing partner of Emerald Creek Capital. “With over 1,300 units under management, they have the operational systems in place to reposition these types of assets.”
About: 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.
SOURCE Emerald Creek Capital