516 Fairview Ave

$1,011,000 first mortgage secured by a three story multifamily building with 3 units totaling 3,000 SF.

The property is located in Ridgewood neighborhood of Queens, NY. The borrower used the loan proceeds to acquire the property and perform the necessary capital improvements to each units to bring the rents to market. Property renovations include converting the ground floor retail into a five bedroom residential unit while the units above will receive new floors, kitchen appliances, and an renovated bathroom. Edgewood was paid off by the borrower in September of 2019.