541 Coster

$914,000 bridge loan secured by a first mortgage on a three-story, six-unit multifamily apartment building located at 541 Costar Street in the Hunts Point section of the Bronx, New York. Five of the units are 2-bedroom/1-bath and one unit is a studio/1-bath. There are two units on each floor of the building and the two-bedroom units are 1,000 square feet. The borrower used the loan proceeds to purchase and renovate the property. Renovation consisted of converting the current two-bedroom units into three-bedroom units. Once renovations were completed, the units were brought to marketed and individually leased.