$10,250,000 bridge loan secured by a first mortgage positions on three extended-stay Chase Suites hotels in Brea, CA, Baton Rouge, LA, and Tampa Bay, FL. The borrower was the developer of the Brea and Tampa hotels and had operated all three properties for over fifteen years. The borrower lost the properties through foreclosure in 2009, but soon after re-purchased the properties from the foreclosing lender for $14,000,000. Edgewood’s loan proceeds went toward financing the re-purchase of the property.
