Refinance/Working Capital Loan on 1,700 SF Co-op in Manhattan, NY
Paradigm Capital, a nation-wide, private commercial real estate bridge lending firm, is pleased to announce that it has funded a $1,350,000.00 1st mortgage secured by a 1,700 SF Co-op in One Carnegie Hill on Manhattan’s Upper East Side. Our Borrower acquired the Property in 2007 and has since completed a near gut renovation of the unit which includes hand finished hardwood flooring throughout, aluminum baseboards, copper ceilings with recessed LED lights, state of the art kitchen appliances, fully automated entertainment and security systems, and zebra wood finishes in the master suite.
Paradigm’s loan was used to refinance the existing debt on the Property, to finish the remaining aesthetic work needed on the unit, i.e. painting and some minor hardware finishes, and a portion of Paradigm’s loan will be used as working capital for our Borrower’s Real Estate development firm.
According to the President of Paradigm Credit Corporation, David Kushner, “Our Borrower expressed a desire to close this loan quickly and Paradigm was able to accommodate this request and close the transaction in less than two weeks.
The Loan represented less than 65% of the underwritten value of the Property, given this conservative position and our belief in the strength of surrounding neighborhood (the unit is a block from the 96th Street 4/5/6 Line Subway Line and will be less than a block from the 2nd Avenue Subway Line which opened in Jan. 2017), we were able to expeditiously complete our Due Diligence and deliver within the imposed time constraints of our Borrower.”