Refinance of 3 State-of-the-art Industrial Fence Manufacturing Plants in South Plainfield, NJ
Paradigm Capital, a nation-wide, private, commercial real estate bridge lending firm, is pleased to announce that it has funded a $2,700,000.00 1st mortgage, to fund the refinancing of a 2 fully occupied industrial properties, totaling 15,000 SF, in South Plainfield, NJ. Paradigm’s loan is additionally secured by a second mortgage on a 3rd fully occupied, 20,000 SF, industrial property in South Plainfield, NJ. Our Borrower’s existing financing was coming due and the Lender would not extend their loan. Our Borrower needed some time to arrange a permanent loan solution, which precipitated the need for Paradigm’s bridge loan.
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 extend their loan. Our Borrower was anticipating being able to refinance with their existing Lender but upon learning this wasn’t an option, faced a compressed time frame to arrange other financing. Given the time of the essence closing requirement our Borrower needed to refinance quickly. 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 53.1% of the Properties’ underwritten value”