Michael Edery, Paradigm Commercial Real Estate LLCManhattan, NY Paradigm Commercial Real Estate LLC has closed four loans totaling $53.4 million, encompassing four properties, located throughout Manhattan.
• $22 million was secured by five, five-story, and one, six-story, contiguous buildings, located in the Clinton area of Manhattan and containing 75 residential units.
• $17.8 million was secured by five contiguous buildings located on East 81st St. and the river, containing a total of 100 units $8.3 million was secured by a six-story elevator apartment building located on Riverside Dr. in the Hamilton Heights section.
• $5.3 million was secured by a five story walk-up building, containing 16 apartments and two stores, and was located on First Ave. on the Upper East Side.
These loans, representing 75% of value, feature rates of 3.125% with three years of interest only. Michael Edery arranged these loans on behalf the borrower, CT based ACP Assets, with local lending institutions.