WAC Closes Construction Loan for Builder on Fisher’s Island, NY

November 13, 2024: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $600,000 construction loan for a builder on Fisher’s Island in New York. The loan proceeds will be used by the borrower to complete the construction of a luxury “spec” home on tony Fisher’s Island that will have a market value of approximately $2,200,000 upon completion. The loan is secured by a blanket first mortgage on both the property on Fisher’s Island that is under construction as well as a second mortgage on a property located in the Noank section of Mystic, Connecticut with an underlying LTV of approximately 45% on an “as is” current value of the Fisher’s Island property.

The borrower expects to complete the construction of the Fisher’s Island property by sometime next Spring and is planning on selling the property in Noank, Connecticut to pay off WAC’s construction loan in full upon the sale of the property.

Fisher’s Island is best known as a summer enclave for many ultra wealthy and “blue blood” families in the northeast. The island’s real estate market remains robust and active.

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.