Edgewood purchased a loan at a discount secured by a 67,000 square-foot brick and metal industrial building on a 3.75-acre site in Providence, RI. Greystone Bank was the original lender and bid in at the foreclosure sale on the property, but chose to sell the property to Edgewood prior to taking title. The bank’s borrower was a local owner who did not have enough capital to re-tenant the building once the sole tenant vacated the property. Edgewood performed several capital improvements to the property including renovations to the roof, parking, and landscape. Upon completion of all improvements, the property was fully leased up and sold to a local investor.
