Paradigm Capital Funding provides $12.5 million first mortgage for a 37.29-acre development site

New York-based Paradigm Capital Funding, a commercial bridge lender, has recently funded a $12.5 million first mortgage secured by a 37.29 acre development site comprised of 36.65 acres, improved with a vacant 325,000 s/f industrial building, and a .64 acre vacant car wash,. The subject property has been approved by the town for its current redevelopment plan. The subject will include 100,000 s/f of retail space including two pad-sites. The property will also feature 200 condominium active-adult (55+) units, in which 170 units will be situated in four multifamily buildings and the remaining 30 will be town homes, and will also contain a clubhouse with a pool. As part of the redevelopment, the project will include a jug-handle intersection to improve the circulation of traffic flow. "Our loan will enable the borrower to carry the property through the final redevelopment plan approval stages with the municipality, and allow the borrower time to secure the proper construction financing required," said Adam Glick, director of loan origination. Paradigm Capital Funding offers borrowers an immediate financing alternative for short-term needs. Gap/Bridge financing, discounted mortgage buybacks, unpaid tax remittances, foreclosure workouts, bankruptcy resolutions and short fuse opportunity financing are all examples of transactions that can be closed with immediacy. Paradigm Capital lends on commercial properties nationwide offering loan amounts ranging from $1 million to $20 million.