Acquisition of a 165K SF, State of the art Window Manufacturing Plant
Paradigm Capital, a nation-wide, private commercial real estate bridge lending firm, is pleased to announce that it has funded a $2,700,000.00 1st mortgage, for the acquisition of a 8.7 acre Industrial site improved with a state of the art 165K SF manufacturing facility in Johnstown, NY. Paradigm’s Borrower had been leasing the building since 2000, but due to the recent growth of their company it became apparent that there would be great cost savings and also the ability for further expansion if they purchased their facility. Under normal circumstances this loan would be an ideal candidate for an SBA program, however there was a time of the essence closing which could only be met by a firm such as Paradigm, with the ability to mobilize quickly.
According to the President of Paradigm Credit Corporation, David Kushner, “Our Borrower was presented with a unique opportunity to capitalize on the growth of their business and set themselves up for future expansion by acquiring their manufacturing facility. Paradigm is accustom to conducting and completing its due diligence process under stringent time frames, which was imperative given the time of the essence closing on this acquisition. Paradigm’s mortgage represents 68.35% of the Property’s underwritten value and we were able to close this transaction in 13 business days from origination.”