$3,650,000 first mortgage secured by a 196-unit multifamily property located in Indianapolis, Indiana. The unit mix includes 88 one-bedroom and 96 two-bedroom garden-style units and 12 three-bedroom townhouses. All units contain ample storage, fully equipped kitchens, walk-in closets, and large patios or balconies. The property also includes a pool, tennis court, club house, children’s activity area, and two laundry facilities. Edgewood’s loan proceeds went toward the property acquisition, capital improvements, and closing costs; the borrower needed to close fast and was not eligible for conventional financing. Edgewood’s loan was paid off in full in April 2012.
