Edgewood Capital Advisors Provides $9M Bridge Loan For Multifamily Property Acquisition, Bay Ridge, Brooklyn

The subject of this closed transaction is a multifamily property located in Bay Ridge, Brooklyn. The property spans approximately 46,200 square feet and comprises a total of 59 units.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $9,000,000
• Market: Bay Ridge, Brooklyn
• Loan Type: Bridge loan
• Loan Terms: 87% LTPP, 75% LTC, 2 Years, Interest Only, Non-Recourse, Less than 30 days close

Edgewood Capital Advisors provided the financing for this transaction. The loan amount of $9,000,000 was obtained as a non-recourse bridge loan. The loan terms include an 87% Loan-to-Purchase Price (LTPP) ratio, a 75% Loan-to-Cost (LTC) ratio, a 2-year term, and interest-only payments. The loan was closed in less than 30 days, allowing the client to proceed with their capital improvement plan for the property.

The brokers involved in this transaction were Brandon Michon and Thomas Fuchsman from FBRE Capital. Through their extensive lending relationships, FBRE Capital was able to arrange the non-recourse bridge loan. For any financing needs, interested parties can reach out to Brandon Michon at [email protected] and Thomas Fuchsman at [email protected].