Nichols of Paragon Prime Funding arranges $40.2063 million in financing

Paul Nichols, managing partner of Paragon Prime Funding, recently arranged two loans totaling $33,206,300 and $7 million respectively. The first transaction includes a proposed luxury apartment complex totaling 222 units located on the Mohawk River. The $33,206,300 facility was financed under the HUD 221 (d) (4) loan program. The non-recourse loan includes a 40-year fixed note-rate of under 5%. Paragon was instrumental from initial project design through all aspects of structuring, underwriting, negotiations, due diligence, and market analysis. The second project includes a $7 million facility used to refinance and expand a Comfort Inn and Suites located in Hogensburg, N.Y. The lending facility was divided into two traunches to include a $3.2 construction-to-permanent loan as well as a $3.8 million refinance of an existing private mortgage. Nichols structured the loan(s) with a creative investment grade credit wrap whereby the owners were able to adequately leverage the facility at 75% of value.