$2,010,000 bridge loan secured by a first mortgage on a three-story residential apartment building in the Long Island neighborhood of Queens, New York. Built in 1931, the building totals 4,925 square feet and is on a 0.06-acre lot. The total unit breakdown consists of 6 two-bedroom, shotgun-style apartments in which the second bedroom is accessible only through the first. Edgewood’s loan went toward the property acquisitions, capital improvements, funding an interest reserve, and tenant buyouts. Upon purchasing the property two units were rent stabilized. The additional four units were market rate units, with tenants paying below market level rents. The borrower bought out the four destabilized tenants and reconfigured the shotgun style apartments to traditional two-bedroom apartments in order to bring the units up to market rents. The loan was paid off in full in January of 2017.
