Partner Buy-out on 12.26 Acre Development Site in Jacksonville, FL
March, 2016 – New York, NY Paradigm Capital, a nation-wide, private commercial real estate bridge lending firm, is pleased to announce that it has funded a $4,350,000.00 1st mortgage, to buy out an existing partners interest in a 12.26 acre Multi-family development site in Jacksonville, FL. The Site is shovel-ready, with approvals in place allowing for the construction of 378 rental apartment units. Paradigm’s loan is additionally secured by a large balance of transferable Mobility and Wetlands Mitigation Credits.
According to the President of Paradigm Credit Corporation, David Kushner, “This transaction was not as straight forward as many of the transactions Paradigm closes. There were many moving parts involved on this one, but we were able to accommodate the creative structuring needs of our Borrower and close this transaction in 30 days.”