$1,387,500 bridge loan secured by a first mortgage on a four-story, 8-unit multifamily apartment building located on 2377 Belmont Avenue in the Belmont neighborhood of the Bronx, New York. The property was built in 1907 and totals 7,168 square feet. The property consists of three 1-bedroom units, two 2-bedroom units, and three 3-bedroom units. The borrower used the loan proceeds to acquire and perform capital improvements to the property. Historically, the property has been fully leased. Upon closing the loan, there was one available unit, and immediately following acquisition, the borrower renovated this two-bedroom unit and leased it at market rent.
