ProDeal Streamlines $55 Million Loan for Renovation of the Historic Tammany Hall Building
NEW YORK, NY / ACCESSWIRE / July 7, 2021 / ProDeal, the company behind the only award-winning deal closing platform designed for the real estate industry, today announced that its cutting-edge proptech solution was successfully leveraged for Emerald Creek Capital’s $55 million bridge loan on the former Tammany Hall headquarters in Manhattan’s Union Square.
“We have worked closely with Emerald Creek Capital before and they’ve been great partners to us for a number of years. That ProDeal was used to transact a deal of this magnitude, and for such a landmark property, is remarkable,” said Patrick Janson, COO of ProDeal. “The building is a beautiful piece of American history-one that we are honored to have played a part in.”
The proceeds of 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.
“The property is a triumph of architectural design in one of the most thriving live-work communities in New York City. With such strong borrower sponsorship at play, and with ProDeal to facilitate a headache-free, transparent, secure closing process, the decision was easy to make and just as easy to close,” noted 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 the most active commercial property finance brokers in New York City. Said Petrov, “With the agility of Emerald Creek’s team and ProDeal’s innovative closing solution at hand, the deal was executed incredibly quickly and smoothly.”
The renovation of 44 Union Square was first unveiled by Reading International Inc. in October 2020 and showcased a restored street facade housing six stories of usable commercial and retail space. A stunning panoramic glass dome, fashioned after the shell of a turtle rising from the water, crowns the building-a nod towards Tammany Hall’s namesame, Chief Tamanend of the Turtle Clan of the Lenape-Lepi nation. The renovation was led by BKSK Architects in consultation with, and with approval from, the Lenape people.
ProDeal is transforming the way enterprises close real estate deals. Close your deals on time, every time with our easy-to-use deal closing tables in the cloud. Since 2017, ProDeal has been used to securely close over $60 billion in deals 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 the 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. To date, the firm has provided over $2 billion in first mortgage loans across more than 425 loan transactions. For more information, visit www.emeraldcreekcapital.com.