Refinance/Renovation Loan on an Early 20th Century Manor Home & Waterfront Estate
Paradigm Capital, a nation-wide, private commercial real estate bridge lending firm, is pleased to announce that it has funded a $2,000,000.00 1st mortgage, for the refinance of an 8.2 acre waterfront Estate in Center Moriches, NY, with 425 feet of bulkhead along the Moriches Bay. The property is improved with a 10,950 SF Single Family Manor Home, a 5,000 SF Carriage House and a 1,200 SF pool house. The 2.5 story Manor home was designed by the renowned, turn of the 20th century architect, Stanford White. White was the architect responsible for the Washington Square Arch and Madison Square Garden II as well as numerous Long Island mansions such as this property and his own house, at “Box Hill” in Smithtown, New York.
Paradigm’s Borrower recently injected nearly $2MM, out of pocket, toward major renovations to the Estate, including a new roof, HVAC and heating systems, remodeling all of the bathrooms, refurbishing the original oak floors, and landscaping for the entire 8.2 acre estate, among other items. A portion of Paradigm’s Loan will be used to complete the remaining renovation work. Moving forward, the Property will be operated as a Bed and Breakfast and event space, which is a permitted use due to the Property being operated as a hotel in the 1950s through the 1970s.
According to David Kushner, the President of Paradigm Credit Corporation “We had to move quickly closing this transaction. Our Borrower was on the cusp of the booking season for summer 2017 and needed to finish the renovation work and advertise the B&B, so they did not miss out on potential revenue during the upcoming vacation season. Due to Paradigm’s willingness to work with our Borrowers, 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 14 business days. Paradigm’s loan represents 45.5% of the property’s underwritten value.”