Edgewood Finances 186-Unit Acquisition

Edgewood Finances 186-Unit Acquisition SOUTHPORT, CT - Edgewood Capital recently funded a $3,850,000 first mortgage bridge loan secured by a 186-unit apartment complex located in Jacksonville, Florida, in the Arlington submarket. Edgewood's two year loan provides 70% of the total capitalization including property acquisition, capital improvements, operating reserve and transaction costs.

Built in 1972, the property consists of 24 two-story garden style buildings containing a mixture of one, two and three bedroom units situated on 11.7 acres. The borrower intends to improve performance at the property through active on-site property management and the implementation of a $1 million renovation program. Eagles Pointe is the fifth residential complex acquired by the borrower in the past sixteen months, three of which were funded by Edgewood Capital, and the first in Florida.

Edgewood's note finance and bridge lending program provides the perfect financing solution to borrowers that are seeking to acquire non-performing loans or non-stabilized properties in need of re-tenanting and significant capital improvements. Jonathan Levirne notes that "Edgewood specializes in providing financing for investments that are not available for conventional debt. We offer distinct advantages over our competitors with the ability to provide non-recourse financing and to close within a short two weeks."

Formed in 2002, Edgewood Capital is a real estate private equity firm specializing in bridge lending, loan acquisitions and value-add real estate investments. Edgewood is currently investing capital through its fourth fund which is geared towards distressed debt and REO financing. The firm is targeting $200 million of originations in 2011.
Source: Edgewood Capital

More Stories

Get The Newsletter

Get The Newsletter

The latest multifamily industry news delivered to your inbox.