WAC Funds $1.5M Commercial Real Estate Loan Backed by Prime Lease Agreement

May 7, 2025: Worth Avenue Capital, LLC is pleased to announce that it successfully closed a $1,500,000 CRE loan to a seasoned real estate developer in Rhode Island. The loan proceeds were used towards the purchase and renovation of a 60,000 square foot industrial building in Warwick, Rhode Island. The loan is secured by a blanket second mortgage on three separate commercial properties in Rhode Island with an underlying LTV of approximately 45%.

Despite the fact that the borrower purchased a vacant industrial building, he was able to secure a lucrative long term lease from a European based metals company who will occupy the entire building for a minimum of ten years. The underlying value of this lease subsequently increased the market value of the property that the borrower purchased exponentially. The lease will also provide the borrower with tremendous income for the long term.

WAC’s short term bridge loan enabled the borrower to take advantage of an opportunistic CRE play that will become a flagship asset in this developer’s real estate portfolio. In addition, this restructured real estate asset will now enable the borrower to obtain long term bank financing in the very near term whose proceeds will be used to pay off WAC’s short term bridge loan in full within the next several months.

Worth Avenue Capital is a leading provider of creative financing solutions for commercial real estate investors, delivering tailored loan structures that support acquisitions, developments, and refinancing strategies. With extensive experience in structuring CRE loans, WAC enables clients to secure funding quickly—offering flexible alternatives to conventional financing. Since its inception, WAC has successfully closed hundreds of transactions, helping real estate developers and investors unlock new opportunities, optimize their capital stacks, and drive long-term value.

To learn more about WAC’s CRE loan solutions, visit our website, explore our YouTube channel, or contact WAC’s principal, Michael M. Ciaburri, at worthavenuecapital@gmail.com or (203) 605-4082. WAC maintains offices in Guilford and Greenwich, Connecticut, as well as Palm Beach, Florida. Follow @worthavecapital on X for the latest lending news.