Edgewood funded a $2,400,000 first-mortgage bridge loan for the acquisition of a 26-unit multifamily portfolio in the Federal Hill neighborhood of Providence, RI. The loan supported the sponsor’s business plan to complete $215,000 in capital improvements and increase rents to market levels, leveraging strong in-place cash flow and a supply-constrained rental market. Edgewood remains active in the $2MM–$4MM bridge lending space for value-add multifamily opportunities nationwide.
Federal Hill Multifamily Acquisition Loan
- Bridge Loans
- Multifamily
- New England
$2,400,000 | 26-unit