WAC Closes Commercial Loan for CT Construction Company

WAC Closes Commercial Loan for CT Construction Company

March 18, 2016

Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $425,000 commercial loan to a Connecticut based construction company. The loan proceeds were used by the borrower to restructure debt on two adjoining multi-family properties in Stamford, Connecticut that it owns as investments. Specifically, this transaction enabled the borrower to pay off its existing creditors at a very steep discount thus freeing up the equity in these properties and subsequently position these properties for a profitable sale.

This bridge loan is secured by a blanket first mortgage on the two multi-family properties and was funded by one of WAC’s private investors. These properties are situated in a very strategic location in downtown Stamford, Connecticut and, as a result, the borrower is soliciting offers to sell these properties at a substantial profit after paying off WAC’s bridge loan.

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