2021
Industrial Building in South Windsor, CT Funded by CRE Loan from WAC
Worth Avenue Capital
February 21, 2021
February 21, 2021: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $200,000 CRE loan to a Connecticut based real estate developer/investor. The loan proceeds will be used for renovation costs on a portion of a 110,000 square foot industrial building that the borrower owns in South Windsor, Connecticut. The borrower has secured a new tenant for the building and will fit up the space that will be leased by the new tenant.
The loan is secured by a blanket second mortgage on not only the property in South Windsor, Connecticut but also two other properties in greater Hartford, Connecticut that are owned by the borrower. The loan was funded by one of WAC’s private investors.
Upon the completion of the leasehold improvements on the building in South Windsor, Connecticut, the borrower expects to be able to refinance the aforementioned property with a long term conventional mortgage and pay off WAC’s bridge loan in full.
Share
Recent Posts
Worth Avenue Capital Launches Worth Avenue Capital Development
This New Division Expands Worth Avenue Capital’s Capabilities to Residential Acquisition and Development Opportunities in Palm Beach County PALM BEACH, FL — [September...
Finding the Right Private Lender
Private credit has become an increasingly valuable financing option for real estate investors who need faster, more flexible financing that traditional lenders can’t...
Real Estate Exposure Without Property Management: The SDIRA Advantage
For years, real estate has been viewed as a valuable way to diversify a retirement portfolio beyond the stock market. However, many investors...