Acquisition Financing for Two (2) Cranes; Additionally Secured by 120K SF of Industrial Property
December 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 $6,000,000.00 1st Mortgage secured by a 120,000 SF assemblage of previously unencumbered industrial warehouse and flex space in the Brownsville neighborhood of Brooklyn, NY. Paradigm’s loan funded the acquisition of a new Luffing Jib Tower Crane needed by our Borrower to complete work on a high rise construction project in the Midtown West neighborhood of Manhattan, NY. Paradigm’s Loan will additionally be used to acquire a Telescopic Mobile Crane, which, among other things, shall be used in the erection process of the tower crane.
Paradigm was able to provide flexibility and a fast, reliable closing process to accommodate the time frame and structuring needs of its Borrower.
According David Kushner, President of Paradigm Credit Corporation, “There were many complexities to this transaction due to the non-real estate portion of Paradigm’s collateral and it required a creative loan structure to accommodate our Borrower’s needs. We were able to structure a transaction which worked for both sides and were able to close the loan within 30 days from origination.”