Paradigm Capital funds $12m mortgage for 87-unit loft development

New York-based Paradigm Capital Funding, a bridge financing institution, has recently funded a $12 million first mortgage secured by an existing six-story building in the heart of downtown. Originally built to house Bell South's long distance switching equipment, our borrower acquired the property in 2005 and has since undergone a $25 million transformation into an ultra-modern, 87-unit loft development. "Our funds will enable the borrower to complete this project and begin the immediate marketing and lease-up of the building," said Adam Glick, director of loan origination at Paradigm Capital.