Acquisition of a 9.67 Acre Waterfront Development Site in Newburgh, NY
Paradigm Capital, a nation-wide, private commercial real estate bridge lending firm, is pleased to announce that it has funded a $4,500,000.00 1st mortgage for the acquisition of a 9.67 acre waterfront development site in Newburgh, NY, which includes a marina and the Newburgh-Beacon Ferry Terminal. As currently zoned (Planned Waterfront Development), the Site is approved for approximately 814K SF of mixed-use space. Phase One of the development will include 108K SF of Residential (93 units), 9,600 SF of Retail, and 45K SF of parking.
David Kushner, the President of Paradigm Credit Corporation, had this to say about the recent transaction, “When Paradigm was approached about funding this acquisition, we jumped at the opportunity. It was clear our Borrower had very well thought out concept and development plan and we were confident in his ability to see these plans to fruition. We have seen this market trending upward over the past few years. Orange County has out well out paced the overall population growth of the State of New York and similar projects, across the river in Beacon, NY, have been very successful. Newburgh seems like the next logical market for a development of this kind. Our Borrower was hard on their contract and it was necessary for Paradigm to move quickly to close this loan. We were able to accommodate the timing our Borrower required and close this transaction in less than 30 days.”