02 Aug Real Estate Investor Uses Seven-Figure WAC Loan for Condo Investment in Greenwich, CT
August 2, 2022: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $1,350,000 commercial loan to a real estate investor for the purpose of purchasing a commercial condominium in Greenwich, Connecticut. This real estate investor is one of WAC’s existing borrowers whose purchase of this asset allows him to expand his holdings in this very desirable commercial condominium complex. The loan is secured by a blanket mortgage on two separate commercial condominiums in Greenwich, Connecticut as well as a blanket mortgage on a residential property in West Hartford, Connecticut and an investment property in Hartford, Connecticut. The underlying LTV on this loan is approximately 55%.
The commercial condominium market in Greenwich, Connecticut is very tight and space for commercial tenants in Greenwich is at a premium. This particular complex is inhabited with mostly dentists and periodontists who are attracted to the complex’s prime location near West Putnam Avenue in Greenwich. In fact, as a result of this purchase, this real estate investor now owns two separate condominium units in this commercial complex that are rented to a dentist and a periodontist respectively. The borrower will earn approximately $20,000 per month in gross aggregate rental income on these units and should be able to utilize these leases to enable him to obtain long term financing from a conventional lender in the near term. Upon obtaining long term conventional financing, the borrower will be able to pay off WAC’s short term bridge loan in full
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 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.