Edgewood Capital provided a value-add bridge loan on a 59-unit multifamily property in the Bay Ridge neighborhood of Brooklyn, NY. The loan funded a portion of the cost to acquire and update the historic property. Edgewood’s loan gave the borrower flexibility to cure deferred maintenance and strategically renovate down units in order to increase occupancy. Edgewood understood the borrower’s plans to renovate the property and crafted a short-term financing solution that was closed in under 30 days.
$9,000,000 | 59 Units