Emerald Creek Provides $30M Loan for Thor Equities’ Red Hoek Point
By Cathy Cunningham June 15, 2018 4:30 pm
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Thor Equities has nabbed a $30 million loan for its Red Hoek Point project at 280 Richards Street in Red Hook, Brooklyn, Commercial Observer has learned.
Emerald Creek Capital provided the one-year loan, structured as a line of credit, Mark Bahiri, the firm’s co-founder, confirmed. The transaction closed yesterday and marks the first time the developer and lender have transacted.
“Office and industrial properties in Brooklyn are scarce, and this site—having over seven acres—represents one of the largest opportunities in Brooklyn,” Bahiri told CO.
Red Hoek Point, designed by Foster + Partners, will comprise two heavy timber frame buildings with 23,000 square feet of retail and restaurant space and 795,000 square feet of creative office space. The 7.7-acre campus, just off Beard Street, is surrounded by water on three sides.
Thor acquired the former Revere Sugar Refinery site for $40 million in 2005, according to New York YIMBY.
The development is one of many underway in the Brooklyn neighborhood. Est4te Four is currently redeveloping the New York Dock Building at 160 Imlay Street and Dov Hertz’s DH Property Holdings signed a ground lease at 537-555 Columbia Street in March, with plans to develop a warehouse for last-mile distribution tenants.
“There has been a lot of rezoning and Red Hook is becoming more and more vibrant,” Bahiri said. “This project is ideally located on the waterfront and close to IKEA and we were immediately attracted to it.”
A spokesman for Thor did not return a request for comment.
