
Queens, NY Edgewood Capital Advisors, a national commercial real estate bridge lender based in Southport, CT, has closed a $2.83 million bridge loan on a newly-constructed, 16 million s/f retail property in the Laurelton neighborhood.
The project includes four in-line retail units and daycare space on the 2nd floor and basement. The loan was designed to provide the borrower time to complete construction and lease up the project.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,