Refinance and Pre-development Financing an 11.58 acre development lot in Old Bridge Township, NJ
Paradigm Capital, a nation-wide, private commercial real estate bridge lending firm, is pleased to announce that it has funded a $1,500,000.00 1st Mortgage secured by an 11.58 acre development lot in Old Bridge Township, NJ. Paradigm’s loan funded the payoff of the existing 1st mortgage as well as provided our Borrower with a pre-development reserve to fund horizontal improvement costs. Once approvals and permits are issued from the town, our Borrower plans to construct 5 multifamily buildings totaling 252 residential units.
“Paradigm was able to provide flexibility and a fast, reliable closing process to accommodate the creative structuring and timing needs of our Borrower, a seasoned developer, who is extremely familiar with the local market and has experience working with the zoning and planning board. This transaction was closed in under 4 weeks,” said David Kushner President of Paradigm Credit Corporation.