Vernon Gas Station

$1,500,000 bridge loan secured by first mortgage on a 3,479 square foot gas station and convenience store located in Vernon, Connecticut. The property is a gas station with a one-story convenience store containing a Subway and Dunkin Donuts with a drive-thru on 0.96 acres of land. The station was built in 2000 and contains eight gas pumps under a free-standing structural steel canopy. The borrower purchased the non-performing note secured by the property after the owner went into default and took title to property through a foreclosure judgement. Edgewood’s loan financed removal and disposal of existing gasoline underground storage tanks and the installation of new storage tanks.