29 Mar Luxury Home Builder in Greenwich, CT Once Again Obtains Bridge Financing from WAC
April 1, 2024: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $4,200,000 commercial loan to a luxury home builder and developer that specializes in the construction and renovation of existing homes in Greenwich, Connecticut. The loan proceeds were used to purchase adjoining properties on Locust Street in Greenwich, Connecticut. These adjoining town house properties are located within walking distance to Greenwich Avenue in a prime downtown location of Greenwich.
The loan is secured by a blanket first mortgage on the adjoining town house properties in Greenwich as well as a blanket second mortgage on a luxury home on Pecksland Road in Greenwich with an underlying LTV of approximately 60%.
The borrower is a multiple repeat customer of WAC who has handled all of their previous borrowings with WAC as agreed.
The company will undertake an extensive renovation to both of the townhouses on Locust Street and will then sell the townhouses upon the completion of the renovations of both properties. There is a dearth of townhouse inventory in Greenwich. As such, the borrower expects that the demand to purchase these fully renovated properties on the open market will be robust.
WAC’s short term bridge loan will be paid off in full at the time of sale of the townhouses on Locust Street.
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 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.