$1,000,000 bridge loan secured by first mortgage on a three-story, six-unit multifamily property located in the Ocean Hill neighborhood of the Bedford-Stuyvesant section of Brooklyn, New York. Built in 1910, the property totals 5,355 square feet of gross building area spanning three stories on a 0.06-acre lot. The total residential unit breakdown consists of six 2-Bedroom/1-Bathroom apartments, all of which at the time of closing were rent controlled. The loan proceeds were used to purchase and renovate the property. Once renovations were completed, the units were brought to market and individually leased at market rents. Edgewood’s loan was paid off in full in February of 2017.
