Refinance/Construction Completion on 2.13 Acre Development Site in Southampton, NY
April, 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 $2,500,000.00 1st mortgage, to refinance the existing debt on a 2.13 acre Industrial development site in Southampton, NY. A portion of Paradigm’s loan will be used to fund the completion of the vertical improvements on the Site. The improvements are approximately 62% completed and once finished, will be occupied by three (3) tenants who have already executed leases to take possession once the CO is issued.
According to the President of Paradigm Credit Corporation, David Kushner, “Paradigm’s Borrower is a contractor by trade, which has allowed him to construct his building at cost. We felt that his commitment to the project thus far, both financially and personally, was a great indication of his willingness and ability to remain on time and on budget through completion of the project and beyond, given his intent to hold the asset long-term. Paradigm closed this transaction in under three weeks.”