Refinance/Construction Financing for a Retail Property in the Arts District in Las Vegas, NV
Paradigm Capital, a nation-wide, private commercial real estate bridge lending firm, is pleased to announce that it has funded an $3,050,000.00 1st mortgage, for the construction of a 15,000 SF, multi-tenant Retail property in Las Vegas, NV. Paradigm’s loan is additional secured by first mortgages on two residential condominiums in Las Vegas and Miami and a mixed-use property in Philadelphia. Paradigm’s loan will be used to fund the vertical improvements and interior fit out of the retail property. The to-be-built retail property is ideally located in the up and coming, trendy neighborhood of Las Vegas Arts District.
According to the President of Paradigm Credit Corporation, David Kushner, “Our Borrower had just received final approvals on their building plans but their existing financing was coming due and they did not wish to delay breaking ground while they looked to place conventional construction financing. Paradigm doesn’t usually provide financing for the purposes of ground-up construction, but we were able to get creative in our loan structuring and secure our loan with additional investment properties owned by our Borrower. Paradigm was able expeditiously complete our required due diligence and close this transaction in approximately 30 business days from origination, this mortgage represents 53.6% of the Properties’ underwritten value”