$700,000 bridge loan secured by a first mortgage on a four-unit two-story apartment building located at 76 De Sales Place in the Bushwick section of Brooklyn, New York. Edgewood’s loan will be used to acquire the building, renovate, and lease all apartments at fair-market upon completion. Built in 1911, the borrower wants to transform units from railroad-style units more popular in the past into a more modern open concept floor plan. The loan was paid back in full in June of 2016.
