$6,600,000 bridge loan secured by a first mortgage on a six-building, 190,000 square-foot office park. Edgewood’s loan was provided to allow borrower time to complete capital improvements on the property and create an interest reserve to carry the asset through the lease-up process. The property currently includes six office buildings, the largest building being 385 Douglas Avenue, with 74,063 sq. ft. of office space and 8,017 sq. ft. of storage space. Built in 1998, this is the newest of the buildings and is considered Class-A office space within this market. This building has excellent visibility from I-4, but is hidden from view on the Douglas Avenue side by the two buildings the sponsor will demolish. The removal of these buildings will bring air and light to the park, provide excellent visibility from Douglas Avenue, create additional parking, reduce total square footage to 154,101 sq. ft., and enhance the overall appearance of the park with the addition of fresh landscaping.
$6,600,000 | 190,000 SF