Edgewood recently funded a $15,700,000 bridge loan secured by two mixed-use land development sites in Raleigh and Cary, North Carolina, totaling 92 acres.
The loan provided funds to refinance existing debt and fund land development costs to deliver finished pads for contracted hotel and build-to-suit retail users as well as for future retail, multifamily and office developments.
Edgewood’s loan affords the sponsor the flexibility to sell or develop parcels as markets dictate, allowing for projected gross sellout valuation to exceed $30 million.
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