$3,900,000 bridge loan secured by a first mortgage on a 200-unit multifamily complex known as Hunter’s Grove in Austell, Georgia. The property, built in 1989 and renovated in 1997, and consists of 10 two- and three-story buildings plus a clubhouse and sales office situated on 16.53 acres of land. Edgewood’s loan proceeds were used to pay off the existing debt on the property, fund a construction reserve, and fund an interest reserve. Prior to renovations, the property was operating well below market levels. Once renovations were completed, the vacant units on the property were brought to market and leased up at market rents.
