Acquisition Financing for a 26 acre Development lot adjacent to the Villages in Weirsdale, FL
Paradigm Capital, a nation-wide, private, commercial real estate bridge lending firm, is pleased to announce that it has funded a $1,850,000.00 1st mortgage, to fund the acquisition of a 26 acre development lot, adjacent to the Villages, a 55+ retirement community for active adults, in Weirsdale, FL. Our Borrower had a time-of-the-essence closing on the acquisition which precipitated the need for bridge financing. The site is ideally located, as it abuts the Villages retirement community. The Villages is the fastest growing city in the United States with a population of 157,000, up from 51,000 as of the 2010 US Census. Our Borrower plans to develop the site into a full service storage facilities for RVs and boats. There is a large need for this type of facility in the area. Due to restrictions within the Villages’ subdivisions, residents cannot park their RVs or boats on the roadways. This is proving problematic as more and more “Snowbirds” are migrating to the community in the comfort of their recreational vehicles. Currently there are multiple month’s long waiting lists for other storage facilities in the area and there are no full service storage that provide the type of accommodations, which will be offered by our Borrower, upon completion of this development.
According to David Kushner, the President of Paradigm Credit Corporation, “Land isn’t necessarily the first type of asset we’re looking for when evaluating prospective transactions, but this particular development site had a lot of good things going for it. Its proximity to the Villages was incredibly appealing and our Borrower was in contract to purchase the site below market. Our Borrower has a successful development history in the area and there is clearly a pressing need for the type of facility which is planned to be developed. On the other side of this, the site is also a natural fit to be incorporated into the Villages if the RV and Boat storage facility proves to be unattainable. Paradigm’s mortgage represents 52.8% of the Property’s underwritten value and we were able to close this transaction in 18 business days from origination.”