16 Oct Real Estate Developer Uses WAC Loan to Fund the Purchase of Land for 184 Future Apartment Units in Uncasville, CT
October 13, 2023: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $900,000 commercial loan to a real estate developer who is purchasing ten plus acres in Uncasville, Connecticut and is planning on building 184 apartment units on the property. The loan is secured by a first mortgage on the property with an underlying LTV of approximately 55%.
The developer is a multiple repeat borrower of WAC who has developed and sold numerous real estate projects throughout Connecticut with the assistance of WAC’s short term capital and financing as a debt partner. Upon receiving all of the expected final approvals from the municipality, the borrower expects to obtain conventional construction financing that will be used to pay off WAC’s bridge loan in full as well as construct the proposed 184 apartment units.
As a result of the continued strong demand for residential housing, the construction of new apartment complexes are “in vogue”. The demographics for the construction of a new apartment complex in Uncasville are ideal and the borrower expects that the units will sell quickly upon the completion of the construction due to the lack of inventory in Southeastern Connecticut.
Worth Avenue Capital specializes in arranging debt financing for both small businesses and real estate developers/investors and also handles bank workouts for those same clients. You can learn more about WAC by taking a look at the [website] http://www.weclosecommercialloans.com) and Youtube videos or by contacting WAC’s principal, Michael M. Ciaburri at worthavenuecapital@gmail.com or (203) 605-4082. WAC maintains offices in both Guilford and Greenwich, Connecticut as well as Palm Beach, Florida. Be sure to follow @worthavecapital on Twitter for the latest lending news.