11 Oct Florida Real Estate Investor Uses WAC Loan for Working Capital to Complete Construction on Luxury Condos in West Palm Beach
October 13, 2023: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $500,000 “follow on” debt offering to a Palm Beach, Florida based real estate developer/investor. The loan proceeds are being used as additional working capital towards the completion of the construction of a luxury condominium in West Palm Beach, Florida. This loan “dovetails” the initial construction loan of $4,200,000 that WAC originated last May to this borrower on a triplex condominium unit that is located at The Plaza of The Palm Beaches in West Palm Beach, Florida. The aforementioned condominium complex is located on S. Flagler Drive in one of the “toniest” addresses in West Palm Beach.
The borrower expects to complete the renovations of the above referenced unit by the end of this month and will then immediately list this unit for sale. WAC is secured by a first mortgage on this property and the borrower expects that he will be able to sell this condo unit somewhere in the $11,000,000 to $12,000,000 range. As such, WAC’s underlying LTV in this transaction is in the 43% range or less.
Despite historically high interest rates, luxury condominiums in both greater Palm Beach and South Florida are still in high demand and the timing of the sale of this unit is opportunistic as the “prime season” for real estate sales in South Florida is just beginning.
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 email@example.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.