NEW YORK, NY / ACCESSWIRE / July 7, 2021 / ProDeal, the company behind the only award-winning contracting platform designed for the real estate industry, today announced that its state-of-the-art solution has been successfully used for bridge lending. $ 55 million from Emerald Creek Capital on the former Tammany Hall headquarters in Union Square in Manhattan. .
âWe have worked closely with Emerald Creek Capital in the past and they have been excellent partners for us for several years. This ProDeal was used to close a transaction of this magnitude, and for such a historic property, is remarkable, âsaid Patrick Janson, COO of ProDeal. “The building is a beautiful piece of American history, in which we are honored to have played a part.”
Proceeds from the loan will go towards leasing costs and refinancing construction loans for the iconic structure, now a Class A mixed-use building known as 44 Union Square at the corner of 17th Street and Union Square East .
âThe property is a triumph of architectural design in one of New York City’s most thriving live working communities. With such strong borrower sponsorship on the line, and with ProDeal to facilitate a closing process. Headache-free, transparent and secure, the decision was easy to make and just as easy to close, âsaid Mark Bahiri, Managing Partner and Co-Founder of Emerald Creek Capital.
Financing for the loan was arranged by Egor Petrov of Estreich & Company, one of New York City’s most active commercial real estate finance brokers. According to Petrov, âWith the agility of the Emerald Creek team and ProDeal’s innovative fencing solution at their fingertips, the transaction was executed incredibly quickly and smoothly. “
The 44 Union Square renovation was first unveiled by Reading International Inc. in October 2020 and featured a restored street frontage housing six floors of usable commercial and retail space. A magnificent panoramic glass dome, fashioned after the shell of a turtle rising out of the water, crowns the building – a nod to the name of Tammany Hall, the Tamanend chief of the Lenape Nation turtle clan – The PI. The renovation was carried out by BKSK Architects in consultation and with the approval of the residents of Lenape.
ProDeal is transforming the way businesses do real estate transactions. Close your trades on time, every time with our easy-to-use, cloud-based trade close tables. Since 2017, ProDeal has been used to securely close over $ 60 billion in transactions across 1,200 organizations. For more information visit www.prodeal360.com.
About Emerald Creek Capital
With offices in Manhattan, Boston, Pennsylvania and South Florida, Emerald Creek Capital has built a reputation as an industry leader in alternative finance. The company provides bridging loans secured by commercial real estate in primary markets through its domestic and foreign investment vehicles. To date, the company has granted over $ 2 billion in first mortgage loans in more than 425 loan transactions. For more information, visit www.emeraldcreekcapital.com.
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