Emerald Creek Lends $30M on Midwood Multifamily Building
By Andrew Coen September 5, 2024 12:02 pm
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Lay Assets has landed $30 million of construction takeout financing for a Brooklyn multifamily development, Commercial Observer can first report.
Emerald Creek Capital provided the three-year, floating-rate loan on the developer’s 74-unit project at 1775 Coney Island Avenue in Brooklyn’s Midwood neighborhood. The deal, which includes interest-only payments, has a loan-to-value ratio of 65 percent.
Meridian Capital Group’s Dovid Ostrov arranged the transaction.
The 2023-completed eight-story property includes studio to three-bedroom units with 38 parking spots and retail space. Its amenities feature a roof deck, fitness center and media room.
“Positioned in Midwood, this development aligns well with the neighborhood’s ongoing transformation,” Dovid Kaufman, director of lending relationships at Meridian Capital Group, said in a statement. “The property has been strategically designed to appeal to a broad range of tenants, from young professionals to families.”
The loan was led by Mike Cleaver, managing director at Emerald Creek, and Matthew Fantuzzi, senior vice president. Cleaver and Fantuzzi said in a joint statement that they are “pleased” to “support the sponsorship in achieving the property’s stabilization.”
Officials at Lay Assets did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
