Edgewood financed a $10,200,000 first-mortgage bridge loan for the acquisition and renovation of a 128-key, limited-service SpringHill Suites hotel in Bellport, NY. The loan supported the sponsor’s purchase of the property out of receivership and included a substantial reserve for property improvement and repairs to out-of-service rooms. Edgewood remains active in the bridge lending space for hospitality assets nationwide and is seeking new opportunities.
