June 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 $8,000,000.00 1st mortgage, for the refinance and gut renovation of a 3,300 SF, Luxury Condominium on the Upper East Side of Manhattan, NY (Madison Ave. & E. 66th St.). The Property is undergoing a full gut renovation, during which 2 units are being combined into 1 unit encompassing an entire floor of the building. The completed condo will feature state of the art equipment, fixtures and automated systems. Paradigm’s loan is additionally collateralized by Second Mortgages on 2 Luxury Condominiums at the Ritz Carlton Residences in Boston, MA.
“Paradigm was able to provide flexibility and a fast, reliable closing process to accommodate the short time frame and creative structuring needs of our Borrower. This was a transaction which required due diligence on three separate properties and we were still able to close the loan in 20 days,” said David Kushner, President of Paradigm Credit Corporation.