12 Aug WAC closes $3,750,000 commercial loan for construction in Greenwich, CT
August 12, 2024: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $3,750,000 commercial loan for a construction company that specializes in both renovating existing homes as well as constructing new luxury homes in Greenwich, Connecticut. This company is a multiple repeat borrower for WAC who has partnered with this borrower on seven transactions over the last four years.
The loan proceeds were used to purchase the property located at 3 Woodside Drive that is located in the tony Millbrook section of Greenwich, Connecticut. The loan is secured by a first mortgage on the property located at 3 Woodside Drive as well as a junior mortgage on the property located at 273 Riversville Road both in Greenwich, Connecticut with an underlying LTV of approximately 55%.
The borrower has already received approval from the town of Greenwich to subdivide the property located at 3 Woodside Drive and will proceed with constructing a new luxury home on the subdivided land as well as renovating the lovely existing home on a gorgeous building lot where the home was built circa 1930. The borrower plans on restructuring the debt to undertake the construction project within the next few months that will enable them to pay off WAC’s short term bridge loan in full.
On the day prior to this loan closing, this same borrower paid off WAC’s $4,200,000 short term bridge loan in full on the properties located at 53 and 57 Locust Street in Greenwich, Connecticut. As such, WAC was able to quickly reinvest the bulk of the loan proceeds from the aforementioned loan payoff into this new loan origination for its “blue chip” borrower.