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WAC Closes $650,000 Loan on Waterfront Property in Old Saybrook, CT
Worth Avenue Capital
August 27, 2015
Worth Avenue Capital, LLC is pleased to announce that it successfully closed a $650,000 bridge loan on a commercial property that is situated in one of the premier locations in the Southeastern corridor of the Connecticut Shoreline. This property is a 2.23 acre commercial building lot on the water located right next door to The Saybrook Point Inn in Old Saybrook, CT. This loan is secured by a mortgage on this property.
Sponsor
A seasoned entrepreneur who owns several restaurants in Connecticut. The sponsor needed to restructure the debt on this real estate holding as he continues to proceed with his plan of building a 13,000 square foot restaurant facility on the property. The previous restaurant that existed on this property was decimated by Hurricane Sandy.
LTV
The Loan to Value on this loan is 45%.
Loan Underwriting Process
WAC was contacted by the Sponsor’s attorney who made the necessary introductions between the parties and WAC was able to close this transaction within a few weeks from the initial introduction.
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