WAC Funds $500,000 Follow On Construction Loan to CT Real Estate Developer

January 21, 2025: Worth Avenue Capital, LLC is pleased to announce that it just successfully funded a $500,000 follow on construction loan to a Connecticut based real estate developer. The borrower is one of WAC’s many multiple repeat borrowers who has partnered with WAC on numerous development projects over the last several years.

The loan proceeds will be used to complete the final stages of the construction of six new condominium units at a development project in Montville, Connecticut. The construction of these condo units should be completed within the next thirty days and the borrower already has multiple buyers in line to purchase these units at an average price of $400,000 per unit. The closing on the sale of these condo units should occur within the next ninety days or so and, upon the sale of these units, the borrower will repay the aforementioned loan in full as well as the other construction loans that WAC funded on this successful development project.