Worthington

$3,535,000 loan to acquire a non-performing commercial mortgage on a multifamily property in Houston, TX. The property is a 382-unit, garden style apartment complex with 12 two- & three-story buildings on 12 acres of land in Harris County, Texas. The property was developed in 1982 and contains 297,716 rentable square feet. The unit mix includes 290 one-bedroom/one-bath units and 92 two-bedroom/two-bath units. Edgewood’s loan provided funds to purchase the property out of foreclosure and complete necessary capital improvements. Twenty of the units were completely gutted; other capital improvements include roof repair, landscape upgrade, and exterior repairs and paint. The property’s occupancy rate was well below market when the property was purchased, the improvements helped increase occupancy at market rents.