$1,900,000 bridge loan secured by a first mortgage on a three-story, three-unit multifamily property, totaling 3,520 square feet, located in the Williamsburg neighborhood of Brooklyn, New York. The loan proceeds were used to acquire and perform renovations on the property. Built in 1899, the property totals 3,520 square feet on 0.05 acres of land. The total residential unit breakdown consists of two, 2-bedroom/2-bathroom apartments, and one, 3-bedroom/3-bathroom apartment. The borrower renovated all three units and upon completion, leased each unit at market rent. Edgewood’s loan was paid off in full by the borrower in August of 2016.
