Morris of Paragon places $5.482m for North Creek 62-unit development

Paragon Prime Funding recently structured and arranged $5.482 million in financing for the development of 62 single family townhomes. Financing included a $2.6 million construction loan for infrastructure development, a $2.5 million line of credit for the vertical construction, as well as $382,000 in letters of credit to the town of Johnsburg. The project, known as Top Ridge Townhouse Development, is located half a mile from the Gore Mountain Ski area in Johnsburg. The units will be Adirondack style with many custom construction details. The subject buildings will be constructed by Piper Contracting. Buildings will be a combination of two, three, and four-plexes. Each will be positioned on the site so that the "front" of the homes, the great room, dining room, and breakfast nook, those rooms with cathedral ceilings and large windows, face the slopes of Gore Mountain. Topography of the site lends itself for every home to face this direction. The homes will be 2,060 s/f in size. Jim Morris of Paragon placed the financing with a regional bank who provided a flexible structure meeting the borrower's requisition and funding needs.