Paragon Prime Funding secures $5.6 million loan

Paragon Prime Funding recently arranged $5.6 million in permanent financing for Phase 1 of The Spinney at Pond View. Phase 1 of the project consists of 46 market rate active adult apartment units in six cottage style residences. The units include private entrances, porches/patios and yards with outdoor storage. Complex amenities include an indoor rehabilitation pool, recreational facilities, and a full-time, on-premises community coordinator. Phase II of the project is currently under construction. The permanent loan was originated at 80% of value based on a 10-year term and a 25-year amortization. The loan has a fixed rate of interest for the first five years of the loan adjusting to a 10-year term thereafter.