Accomplished Real Estate Developer and Repeat WAC Borrower Taps Into Loan for Newest Investment

August 23, 2024: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $1,100,000 commercial loan to a prolific real estate developer who has real estate holdings in seven states throughout the eastern seaboard of the U.S. The loan is secured by a blanket mortgage on a commercial property in West Hartford, Connecticut as well as a commercial property in Owings Mills, Maryland with an underlying LTV of approximately 40%.

The Sponsor is one of WAC’s many repeat borrowers who continues to be a very active real estate developer in the region. In fact, within the last several days, the Sponsor sold a portion of his holdings on Asylum Avenue in West Hartford for $22.24 million that abuts the property on Asylum Avenue in West Hartford that WAC used as partial collateral for this new loan origination.

The property in Owings Mills, Maryland is located in the hub of an established, dense retail trade area in a premier development location that is perfect for the acquisition of “big box” tenants.

The Sponsor is constantly buying and selling properties in the region and his development business is very fluid. He expects to pay off WAC’s bridge loan from the sale of another property in the near term.

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.