Acquisition of a Luxury SFH in Ventnor City, NJ; additionally secured by a Luxury SF Investment Property in Hallandale, FL
Paradigm Capital, a nation-wide, private commercial real estate bridge lending firm, is pleased to announce that it has funded a $2,200,000.00 1st mortgage, to fund the acquisition of a 6,800 SF luxury SFH on the Atlantic Ocean in Ventnor City, NJ. The Property is located in the historic St. Leonard’s Tract. This area, mapped out in the late 1800’s, has been limited to Single Family Homes. Today, in an effort to preserve the historic nature of the Tract, deed restrictions are enforced, to preserve the large lots (50 x 125, very unique among NJ shore towns), the historic single-family homes, and open space which characterize this 8 block stretch in Ventnor City. Paradigm’s loan is additionally secured by a 2nd mortgage on a 5,300 SF luxury single-family investment property adjacent to the Intracoastal Waterway in Hallandale Beach, FL.
David Kushner, the President of Paradigm Credit Corporation had this to say about the transaction; “There were many moving parts involved in the lead up to closing this loan and there were times when it felt like the transaction might fall through. But, due to Paradigm’s willingness to work with our Borrowers, we were able to work through the potential pitfalls and create a loan structure which satisfied the needs of our Borrower. Paradigm’s loan represents 49% of the property’s underwritten value and we were able to close this transaction in less than 30 days.”