The Plant

$2,600,000 bridge loan to acquire five non-performing real estate notes secured by a first mortgage on a 65,500 square foot multi-story redeveloped mill located in the Olneyville neighborhood of Providence, Rhode Island, known as The Plant. The Plant contains 29 market-rate residential live/work loft apartments totaling 41,866 square feet and 23,600 square feet of street-level commercial space, including a 3,650 square foot restaurant space in a separate one-story building on the property. The loan proceeds were used to purchase and finance necessary capital improvements on the property. Edgewood’s loan was paid off in November of 2016.