$1,000,000 loan secured by a first mortgage on 0.36 acres of vacant land in New Rochelle, NY. Edgewood’s loan proceeds were used to purchase the property, set up an interest reserve, and cover closing costs. The property is zoned and approved for commercial development of a minimum of 30,000 square feet. Edgewood’s loan was paid off in full by the borrower in March of 2014.
