Refinance on a 12 acre assemblage of development lots on the San Sebastian River in St. Augustine, FL
Paradigm Capital, a nation-wide, private commercial real estate bridge lending firm, is pleased to announce that it has funded a $2,800,000.00 1st Mortgage secured by a 12 acre assemblage of waterfront development property on the San Sebastian River in St. Augustine, FL. Paradigm’s loan funded the refinance of the existing debt on the assemblage. Our Borrower plans to develop a large mixed use Merchant Marine Community with residential, hotel/resort, conference center, retail, and other indoor and outdoor recreational components, anchored by a marina and waterfront promenade with panoramic views of Downtown St. Augustine. The resort and conference center are planned to be developed first and the Property is the only site in the St. Augustine area, a market in dire need of hotel inventory, large enough to accommodate a full sized resort.
“Paradigm was incredibly eager to get involved in this project,” said David Kushner, president of Paradigm Capital’s lending arm. “To date our Borrower has developed a portion of property adjacent to our collateral into an incredible full service dry docking storage facility. The development of this facility was funded entirely out of pocket by our Borrower. We view that of significant financial commitment to a project as great indication of a Borrower’s ability and desire to see their development come to life. Paradigm’s loan represents 62% of the property’s underwritten value and we were able to provide a flexible and a fast closing process to accommodate the time frame and structuring needs of our Borrower.”