$3,000,000 bridge loan secured by a first mortgage on a 144-unit class-B/C apartment complex known as Larkin & Surfside Apartments located in Lexington, Kentucky. Built in 1965, the property consists of 144 one-bedroom/one-bath units in ten, two- and three-story buildings. The complex is situated on 4.2 acres, which provides on-site parking for approximately 140 cars. The borrower used Edgewood’s loan to refinance the current debt on the property; the borrower need to close quickly after a refinancing with a consortium of credit unions fell through. Edgewood’s loan was paid back in full in October of 2014.
