Refinance of 2 Medical Office Condos in Trump Palace
Paradigm Capital, a nation-wide, private, commercial real estate bridge lending firm, is pleased to announce that it has funded a $1,350,000.00 1st mortgage, to fund the refinance of a two medical office condos located in Trump Palace on the Upper East Side of Manhattan, NY. Our Borrower’s existing financing was coming due and the lender would not extend their loan due to the vacancy of one of the units. Our Borrower is in the process of selling the units and Paradigm’s loan will be use to bridge the time to the sale of the units.
According to David Kushner, the President of Paradigm Credit Corporation, “This was a very straightforward refinance transaction. The units are well located on the Upper East Side, close to public transportation. The units can be used as office condos or as residential units, which we felt increased their salability. Paradigm’s mortgage represents 67.6% of the Properties’ underwritten value and we were able to close this transaction in 30 business days from origination.”