Acquisition Financing for a Luxury SFH in Boca Raton, FL
Additionally secured by a 2nd mortgage Retail Property in Delray Beach, FL & a 3rd Mortgage on Luxury SFH in Boca Raton, FL
Paradigm Capital, a nation-wide, private commercial real estate bridge lending firm, is pleased to announce that it has funded a $3,400,000.00 1st mortgage, to fund the acquisition of a 3,100 SF luxury SFH on a peninsula lot abutting the Intracoastal Waterway in Boca Raton, FL. The lot has 300 feet of seawall for simultaneous dockage of a yacht, boat and watercraft and it is considered by some to be the best lot in Boca on the west side of the Intracoastal. Our Borrower’s contract to purchase this property had a short fuse which precipitated the need for Paradigm’s bridge financing. Paradigm’s loan is additionally secured by a 2nd mortgage on a 100% occupied, 11K SF retail property on one of the premier corners along Atlantic Avenue in Delray Beach, FL. The third piece of collateral, which is secured by a 3rd mortgage is a 6,600 SF luxury SFH on the Intracoastal Waterway. The property has 180 feet of waterfrontage & 130 feet of dockage. Panoramic water views. And was completely remodeled with gourmet chef kitchen, top-of-the-line appliances, onyx, Jerusalem stone, marble, and wood flooring throughout. The property is currently listed for sale for $5.9MM.
David Kushner, the President of Paradigm Credit Corporation offered this about the transaction, “Our Borrower had a time of the essence closing date on his acquisition, which precipitated his need for our loan. Paradigm’s familiarity with the South Florida market, as well as our Borrower’s flexibility with offering additional collateral, allowed us to meet the constraints of our Borrower’s hard closing date. Paradigm’s loan represents 20% of the properties’ underwritten value and Paradigm was able to close this transaction in 5 business days from origination.”