June 2014, New York, NY - Paradigm Capital, a nation-wide, private commercial real estate bridge lending firm, is pleased to announce that it has funded a $17,500,000.00 first mortgage to finance the pre-development and recapitalization of a 78-acre, prime development site in Boca Raton, FL. Under the current zoning, the developer can construct 933 apartment units. However, the developer wishes to increase the overall density and intensity allowed by the current zoning and has submitted his Master Plan concept to the Planning Board and City Council for approval. Once approval is received the developer shall have the right to build, in the aggregate, 1.36 million square feet of commercial and residential space. It is the developer’s plan to eventually construct 890,000 sq. ft. (988 units) of apartment space, 175,000 sq. ft. of retail space, approximately 150,000 sq. ft. of office space, 75,000 sq. ft. of medical office space, and a 200,000 sq. ft., 250 key hotel.
“Paradigm was able to provide flexibility and a fast, reliable closing process to accommodate the structuring needs of our Borrower, an accomplished global development firm. Given our Borrower's history bringing similar projects to fruition and his familiarity with the market, including the zoning and approval process. We felt comfortable that he would achieve approvals and proceed to break ground on this project. This transaction was closed in under 4 weeks,” said David Kushner President of Paradigm Credit Corporation.