$5,600,000 loan used to purchase a $6,600,000 note secured by 18 unsold residential condominium units in a 51-unit condominium complex in Garden City, New York. Hampshire House is a 51-unit, 4-story condo building that was developed in 1926, as an apartment complex, and later converted to condominium ownership in 2006. The property is located at 111 Seventh Street, two blocks from the Long Island Railroad station, in the heart of the primary business district of Garden City. Edgewood’s loan proceeds were also used to provide an interest reserve, pay off back taxes, and build-out 6 of the 18 units. Edgewood’s loan was paid off in full by the borrower in December of 2012.
