18 Mar 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.