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Posted: March 2, 2021
Edgewood Capital Advisors handles closings for 8 loans totaling $79.8 million
Southport, CT Edgewood Capital Advisors, a real estate investment firm handled the following closings:
- Edgewood closed a $16.5 million land loan to fund the infrastructure costs of a 288-lot single family housing development in Johnstown, CO. Three home builders are currently under purchase agreements to take down all 288 finished lots. The loan collateral includes roughly 150 acres of commercial parcels that will feature industrial, retail, multifamily and office developments in the next phase of development.
- Edgewood closed a $3.5 million loan on a 30-unit multifamily portfolio in New Haven, CT. This non-recourse loan allowed the sponsor to refinance existing debt, cover closing costs, and provide working capital.
- Edgewood closed a $32.5 million loan on a 470-key hotel in Chicago, IL. This loan was sourced, underwritten and funded in under 30 days.
- Edgewood closed a $10 million loan for the acquisition of a newly constructed 49-unit, class A multifamily property in Stuart, FL. The loan was closed just 20 days from sourcing to closing.
- Edgewood closed a $2.8 million loan on a 16,000 s/f mixed-use property in Queens, N.Y. Project includes 4 in-line retail units and daycare space on the 2nd floor and basement. The loan will provide the borrower time to achieve Certificate of Occupancy and lease the project.
- Edgewood closed a $3.5 million loan for a 30-unit multifamily property in Stuart, FL that includes 8 boat slips. A quick closing was necessary so the borrower could purchase the property and fund renovations.
- Edgewood closed a $5.1 million loan on an 84-key Hampton Inn & Suites in Parker, CO. A quick closing was necessary so the borrower could purchase the property and fund a new owners property improvement plan.
- Edgewood closed a $5.9 million condo inventory loan in Fort Lauderdale, FL. The borrower used the proceeds to pay off the construction loan balance and fund an interest reserve.
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