Refinance of a 30K SF Medical Office Property in Monaca, PA
Paradigm Capital, a nation-wide, private, commercial real estate bridge lending firm, is pleased to announce that it has funded a $2,100,000.00 1st mortgage on the leasehold of a 100% occupied, 30,000 SF Medical Office property in Monaca, PA, owned and anchored by ExpressMed Pharmaceuticals. Our Borrower’s existing loan was scheduled to mature on 1/31/2018, and our Borrower had an SBA Lender ready to take out their existing financing, but SBA regulations prohibit taking out an SBA loan with another SBA loan, precipitating our Borrower’s need for Paradigm’s short term bridge financing.
David Kushner, the President of Paradigm Credit Corporation had this to say about the Paradigm’s recent transaction, “Our Borrower’s existing financing was coming due and because SBA regulations our Borrower could not close on debt placed by a different SBA lender. Because of this, our Borrower was crunched for time with his existing financing maturing. Because of the time crunch and the SBA regulation our Borrower needed a quickly placed bridge loan to pay off their existing loan and put them in a position to go out and place new SBA financing. Paradigm’s mortgage represents 63.6% of the Properties’ underwritten value and we were able to close this transaction in 12 business days from origination.”