Acquisition Financing for a luxury Condo in SOHO, Manhattan, NY
Paradigm Capital, a nation-wide, private commercial real estate bridge lending firm, is pleased to announce that it has funded a $2,577,000.00 1st mortgage for the acquisition of a Luxury condominium unit in the land-marked Hohner Building in the SOHO neighborhood of Manhattan, NY. Our Borrower had entered into a purchase and sale agreement for the unit with a 30 day, all cash closing, which precipitated the need for Paradigm’s bridge loan.
According to the President of Paradigm Credit Corporation, David Kushner, “Our Borrower was in a position where he need to close this loan quickly so the purchase of the unit was not disrupted. Paradigm was able to accommodate this request and close the transaction in 20 business days.
The Loan represented 65% of the underwritten value of the Property, given this conservative position and the excellent locations of the unit, we were able to expeditiously complete our Due Diligence and deliver within the imposed time constraints of our Borrower.”