$55M on Tammany Hall, closed on Prodeal.

Emerald Creek Capital's $55 million bridge loan financed the former Tammany Hall headquarters in Manhattan's Union Square. The proceeds go toward leasing costs and refinancing construction loans for the structure, now a Class-A mixed-use building known as 44 Union Square, at the corner of 17th Street and Union Square East.

Financing was arranged by Egor Petrov of Estreich and Company, one of the most active commercial property finance brokers in New York City.

The renovation of 44 Union Square was unveiled by Reading International in October 2020, with a restored street facade housing six stories of commercial and retail space.

A panoramic glass dome crowns the building, fashioned after the shell of a turtle rising from the water, a nod to Tammany Hall's namesake, Chief Tamanend of the Turtle Clan of the Lenape-Lenapi nation. BKSK Architects led the renovation in consultation with, and with approval from, the Lenape people.

With offices in Manhattan, Boston, Pennsylvania and South Florida, Emerald Creek Capital provides bridge loans secured by commercial real estate in primary markets, through both domestic and offshore investment vehicles. To date the firm has provided over $2 billion in first mortgage loans across more than 425 loan transactions.