Hartford View Apartments

$2,400,000 bridge loan secured by a first and second mortgage on a 120-unit multifamily property known as Hartford View Apartments located in Gulfport, Mississippi. Built in 1970, Hartford View Apartments consists of 120 units within 13 buildings situated on 8.6 acres of land. The property consists of a mixture of one-bedroom and two-bedroom units totaling 97,900 rentable square feet. Additionally, there is a one-story building which houses the leasing office, common laundry room and a maintenance shop. At purchase, the property was occupied by tenants paying below market rents. Edgewood’s loan proceeds went towards acquiring and renovating the property and once the renovations were complete, the units were leased out at market rents. Edgewood’s loan was paid off in full in June 2017.