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Posted: August 20, 2010
Morris of Paragon Prime Funding arranges 2 permanent loans - $3.3m
James Morris IV, MAI director at Paragon Prime Funding in Cohoes, recently arranged a $1.2 million permanent loan for a newly constructed 2-story, wood-frame building with vinyl siding and brick veneer consisting of 16 apartment units on 215 Sacandaga Rd. in Glenville. The site is 100% occupied and a great addition to Glenville. The borrowers had locked for 11 months a rate of 5.89% for 30 year period.
Morris also arranged a $2.1 million permanent loan on a campground in Wurtsboro to refinance existing loans. The property consisted of 236 full service RV sites, as well as tent sites and cabins. The 20 year loan started with a fixed rate of 6.75%.
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