$1,825,000 bridge loan secured by a first mortgage on a 10-unit mixed-use building, totaling 6,358 square feet located at 63 Malcolm X Boulevard in the Bedford-Stuyvesant neighborhood of Brooklyn, New York. The property consists of 8 residential units and 2 ground floor retail units. Edgewood’s loan was used to pay off existing debt coming due and complete renovations on the property. Improvements involved full gut renovation of each apartment and retail unit, including new walls, electrical and plumbing. Upon completion of renovations, the units were brought to market and individually leased out. The property was 100% occupied when Edgewood’s loan was paid off in June of 2017.
