Paragon arranges $5.8 million permanent loan on retail ctr.

Paragon Prime Funding recently arranged $5.8 million in permanent financing on Newbury Plaza, a 20,000 s/f retail center, located on 65 Wolf Rd. The financing included two separate tranches of funds. At closing, the lender released $4.6 million in loan proceeds to refinance the existing 14,441 s/f plaza. Upon completion of an additional 5,559 s/f, the lender will release the remaining $1.2 million in proceeds. The plaza contains a mixture of local and regional tenants including Panera Bread, InTouch Wireless and AllCare Dental. The loan features a 10-year fixed rate term, with payments amortized over 25 years at 80% loan to value. The loan also includes a limited recourse provision that burns off over time. Interest rates for both tranches were locked at commitment at no cost to the borrower. Paragon is a commercial real estate financing company in Cohoes. As a full service commercial mortgage and consulting firm, Paragon structures and originates permanent, bridge, construction and mezzanine financing on behalf of commercial real estate developers and business owner-occupants.