Working Capital/Renovation Loan on a Mid-20th Century Home & Waterfront Estate
Paradigm Capital, a nation-wide, private commercial real estate bridge lending firm, is pleased to announce that it has funded a $3,900,000.00 1st/2nd mortgage, to provide renovation and working capital for a 31 acre (4 tax lots) waterfront Estate in Lloyds Harbor, NY, with a private beach on Oyster Bay. The property is improved with a 10,000 SF Single Family American Vernacular styled Home, a 2,000 SF beach house. Both the main home and the beach house were designed by the renowned, mid- 20th century architect, Edward D. Stone. Stone is the architect responsible for Radio City Music Hall, the Museum of Modern Art, the Kennedy Center, 2 Columbus Circle, First Canadian Place, The Aon Center (Standard Oil building in Chicago), and the University at Albany Uptown Campus, as well as other projects throughout the United States.
Paradigm’s Borrower recently subdivided the Estate into 4 separate tax lots, which can be individually sold off or packaged together. A portion of Paradigm’s Loan will be used to prepare the estate to be sold.
According to David Kushner, the President of Paradigm Credit Corporation “Our Borrower had reluctantly decided to list the Estate for sale, but there were many items which needed to be accomplished in the lead up to the sale. Due to Paradigm’s willingness to work with our Borrowers, we were able to offer a working capital loan which provided the cash needed for the renovation and marketing work preceding listing the property for sale. We were able to work through our due diligence in an expeditious manner and satisfied the needs of our Borrower. Paradigm was able to close this transaction in 30 business days. Paradigm’s loan represents 59.3% of the property’s underwritten value.”