Emerson Hospitality announced the acquisition and redevelopment of Black Creek Barns, a 153-acre historic estate in Esopus, N.Y. The property is being redeveloped into a 70-room destination resort and is scheduled to open in late 2027.
Black Creek Barns is located in the Hudson Valley, approximately 90 miles north of New York City. The site is situated near the Poughkeepsie Amtrak station and adjacent to the John Burroughs Black Creek Trail, a protected nature area spanning roughly 2,000 acres. The former agricultural complex was once owned by Colonel Oliver Hazard Payne and was originally designed by Julian Burroughs, the son of conservationist John Burroughs.
The redevelopment plan includes the restoration of six historic structures along with the construction of new cabins and suites. When completed, the property will offer a total of 70 accommodations. Planned amenities include a 7,000-square-foot indoor event hall, a 9,000-square-foot craft and design center, two dining venues, a wellness center with gym and spa facilities, an outdoor pool, retail and exhibition areas and walking trails. Family-focused and pet-friendly amenities are also included in the plans.
“Black Creek Barns is a once-in-a-generation opportunity to create a destination shaped by history, landscape and community,” said Jordan Goldberg, principal and CEO of Emerson Hospitality. “It is a privilege to work with the Town of Esopus to reimagine this historic campus as a resort and gathering place that combines craft, nature, wellness, and hospitality in a completely new way for the Hudson Valley.”
The project is supported by a $38 million financing structure arranged by IPA Capital Markets. The financing includes a $19 million construction loan from The LCP Group and a $19 million C-PACE facility provided by Imperial Ridge Real Estate Capital and PACE Loan Group.
“Jordan and the Emerson team have the vision and expertise to create something truly special,” said Mark Boyer, CEO of Imperial Ridge. “Black Creek Barns will deliver a best-in-class experience and become a remarkable asset to the Hudson Valley.”
“Black Creek Barns demonstrates the versatility of C-PACE financing,” said Rafi Golberstein, CEO and founder of PACE Loan Group. “By partnering alongside The LCP Group and a strong sponsor, we were able to support both the construction and rehabilitation of this historic property.”
“Emerson Hospitality has a transformative vision for this estate, and our role was to structure a capital stack that made it achievable,” said Jordan Ray, executive nanaging director, Capital Markets at IPA. “C-PACE financing provided the flexibility to lower the cost of capital while securing terms aligned with the project’s long-term success, and LCP delivered flexible senior capital to complete the financing.”
“Adaptive reuse and a hotel project of this nature require experienced sponsorship and a lender that is comfortable underwriting the operational complexity,” said Francis Lively, CEO of The LCP Group. “Emerson has a clear vision and the operating depth to execute it, and we were pleased to provide construction financing structured to support both the asset’s heritage and its evolution into a best-in-class asset.”
C-PACE financing will support energy-efficient building systems and sustainability upgrades. Construction is underway, with R.L. Baxter Building Corp. serving as general contractor.
