$900,000 bridge loan secured by a first mortgage on a three-story mixed-use building in the Kensington neighborhood of Brooklyn, New York. The property consists of two 3-bedroom/1-bathroom apartments units and one 1,100 square-foot retail unit on the ground floor. Built in 1931, the property totals 3,300 square feet on .04 acres of land. Edgewood’s loan was provided to finance capital improvements on the two residential units. Improvements include replacing windows, floors, and updating the plumbing system. Upon completion of all renovations, the units were brought to market and individually leased out. Edgewood’s loan was paid off in full by the borrower in December of 2016.
737 Church Avenue
$900,000 | 3,300 SF