24 Jan Eighteen Unit Condo Complex in CT Funded with Short-Term Construction Loan from WAC
January 24,2024: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $1,500,000 construction loan to a Connecticut based real estate developer. The loan proceeds are being used towards the construction of an eighteen unit condominium complex in Montville, Connecticut. The loan is secured by a blanket first mortgage on the property in Montville, Connecticut as well as a junior mortgage on a luxury property in Wilton, Connecticut.
Upon the day of the loan closing, the underlying LTV was 55% while, upon completion, the condominium complex will have a total market value of $6,500,000 ($360,000 per unit). The borrower is a multiple repeat borrower of WAC who has developed numerous construction projects throughout Connecticut by utilizing WAC’s short term bridge financing capabilities. The developer has already completed 33% of the aforementioned construction project and expects to complete the project by sometime this summer. Both the borrower and WAC expect these condominium units to sell quickly upon the completion of the project.
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.