05 Jan Award Winning Costume Design Company Obtains Financing from WAC
January 05, 2017
Worth Avenue Capital, LLC is pleased to announce that it successfully closed a $350,000 commercial loan to a well established costume design business that is located in New York City. The loan proceeds were used to consolidate debt as well as provide working capital for the business. The loan is secured by a first mortgage on commercial property in the Tribeca section of New York City and the loan was funded by one of WAC’s private investors. The loan has an underlying LTV of 18% and the primary exit strategy is that the borrower expects to be able to obtain conventional bank financing within one year to pay off WAC’s bridge loan.
The principal of this costume design company is a six time Tony Award winning designer for his design creations both on Broadway and in Hollywood. His long and illustrious career are punctuated by his numerous awards and accolades in both the performing arts and film industries.