$32,656,000 bridge loan secured by a first mortgage on a 229 lot, 83-acre parcel of land located in San Luis Obispo, California. Edgewood’s loan proceeds went towards financing the acquisition of the land and Phase I of the development project. Development of the land will occur over three phases with the first phase consisting of constructing 52 modest single-family homes, 70 larger single family homes, and 12,000 square feet retail space. Phase II is planned to be improved with 121 units, broken down by 32 affordable units, 87 production homes split similarly to the first phase. The third phase will have 34 large, customizable homes on private streets. Edgewood’s loan is scheduled to be paid off by August of 2018.
