Refinance and Conversion Funds for a State-of-the-art Industrial Manufacturing Plant in Methuen, MA
Paradigm Capital, a nation-wide, private, commercial real estate bridge lending firm, is pleased to announce that it has funded a $3,500,000.00 1st mortgage, to fund the refinancing of a 5 acre industrial property, improved with a 50% occupied, 80,000 SF state-of-the-art food manufacturing plant formerly occupied by General Mills, in Methuen, MA. The property is slated to be converted to industrial condominium units. The remaining 50% of the space, not subject to the existing leases, is in contract to be sold for $2.5MM. Our Borrower’s existing financing was coming due and the Lender would not refinance nor take a pay down of their debt from the sale of 50% of the property. The sale had a time of the essence closing which precipitated our Borrower’s need to refinance quickly, as to not scuttle the sale.
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 their Lender would not refinance nor accept a partial pay down from the sale of a portion of the Property. Given the time of the essence closing requirement in the purchase and sale agreement our Borrower needed to refinance quickly so to not risk the sale falling through. Paradigm was able to deliver within our Borrower’s time constraints and close this transaction in approximately 25 business days from origination, this mortgage represents 69.3% of the Properties’ underwritten value”