$5,300,000 bridge loan secured by a first mortgage on 245 acres of land in Newark, Delaware. The borrower acquired the property in a short sale after the original developer defaulted on its debt. The property is made up of 95 developed and 132 undeveloped single-family lots. Edgewood’s loan provided funds to acquire the site, retire existing liens on the property, complete lot development work on the remaining 132 undeveloped lots, and pay loan closing costs. At closing, the 95 developed lots were sold to a third-party developer. Prior to closing Edgewood’s loan, the borrower has an agreement with a publicly traded national homebuilder to acquire the remaining 132 lots after development is completed. Edgewood’s loan was paid off in full on November of 2015.
