Refinance of 3 luxury Condos in Manhattan, NY
Paradigm Capital, a nation-wide, private commercial real estate bridge lending firm, is pleased to announce that it has funded a $4,500,000.00 1st mortgage for the refinance of 3 Luxury condominium units in the Time Warner Center (1 unit) and the Park Imperial (2 units) near Columbus Circle in Manhattan. Our Borrower had entered into a purchase and sale agreement for one of the units but his existing “blanket” financing was coming due and the Lender would not extend their loan nor release any of the properties on an individual sale. This situation precipitated the need for Paradigm’s bridge loan.
According to the President of Paradigm Credit Corporation, David Kushner, “Our Borrower expressed a desire to close this loan quickly so the sale of the unit was not disrupted. Paradigm was able to accommodate this request and close the transaction in 14 business days.
The Loan represented 42% of the underwritten value of the Property, given this conservative position and the excellent locations of the units, directly off Columbus Circle, we were able to expeditiously complete our Due Diligence and deliver within the imposed time constraints of our Borrower.”