November 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 $760,000.00 2nd mortgage, for renovation work on a 95% occupied multifamily rental property in the Marble Hill Section of the Bronx, NY. The city of New York is requiring upgrades to the Property's electrical system, additionally our Borrower will repoint the entire building.
"The City of New York was pressuring our Borrower to complete the necessary upgrades and bring the building's electrical system up to code. There was a large amount of equity behind the 1st, giving Paradigm the comfort to issue a second priority mortgage. We closed this transaction in under three weeks," said David Kushner, President of Paradigm Credit Corporation.