70 Key Mammoth Lakes, CA - Hotel Refinance
November 2015, New York, NY - Paradigm Capital, a nation-wide, private commercial real estate bridge lending firm, is pleased to announce that it has funded a $2,800,000.00 1st Mortgage secured by a 70 Key hotel in Mammoth Lakes, CA, adjacent to Mammoth Mountain, the tallest ski-able peak in California and one of the largest winter recreation areas in North America. Our Borrower owns and operates 29 hotel properties in the Pacific Northwestern United States. Paradigm’s loan was used to refinance the existing debt on the property, which had matured, in preparation for a CMBS takeout loan.
“This transaction was closed in under three weeks due to Paradigm’s willingness to accommodate our Borrower’s needs. We were able to effectively navigate any issues which might have pushed the closing date outside of our Borrower’s time constraints. We understand that the ski resorts in California have struggled over the past few years due to the on-going drought. Yet, Paradigm saw the opportunity to capitalize on the expected harsh winter in the region, due to the expected effects of El Nino. Luckily, the weather has proven our thinking correct,” said David Kushner, President of Paradigm Credit Corporation.