02 Feb Brand New Medical Facility in Tolland, CT Uses WAC Loan Towards Construction Costs
February 2, 2024: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $150,000 commercial loan to a Connecticut based real estate developer. The loan proceeds will be used for soft costs towards the construction of a brand new medical facility in Tolland, Connecticut. The loan is secured by a first mortgage on an eight acre parcel of land that is strategically located next to the entrance of I-84 with an underlying LTV of approximately 52%.
The developer is a repeat borrower of WAC who is a cardio thoracic surgeon in Connecticut. Besides practicing medicine, the borrower is a very active real estate investor in both Connecticut and Florida. He expects to obtain conventional financing in the short term to pay off WAC’s short term bridge loan.
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.