Acquisition Financing for a 10K SF Mixed-use Property; additionally collateralize by a 7,500 SF Commercial Property in Brooklyn, NY
Paradigm Capital, a nation-wide, private commercial real estate bridge lending firm, is pleased to announce that it has funded a $3,600,000.00 1st mortgage, for the acquisition of a 10,000 SF, Mixed-use Property in the Canarsie neighborhood of Brooklyn, NY. Paradigm’s loan was additionally collateralized by a 7,500 SF commercial property in the Crown Heights neighborhood of Brooklyn, NY. Our Borrower, a charitable organization under IRC section 501(c)3, will be moving the operations of their organization to the newly acquired Property and are in contract to sell the commercial property in Crown Heights. Paradigm’s loan represents 47.5% of the combined fair market value of the properties.
"Paradigm was able to provide flexibility and reliable closing process to accommodate the needs of our Borrower. We had to get creative, but we're able figure out a loan structure that would allow them to close on their acquisition while they continued to progress toward closing on the sale of their old headquarters. This transaction was closed in less than 4 weeks." - David Kushner, President of Paradigm Credit Corp.