12 Dec Repeat Borrower Uses WAC Loan to Complete Construction Project in Greenwich, CT
December 12, 2022: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $400,000 construction loan for a builder in Greenwich, Connecticut. The loan proceeds will be used to complete the construction of a luxury “spec” house in one of the toniest neighborhoods in Greenwich. The loan is secured by a blanket junior mortgage on three separate luxury homes in Greenwich with an underlying LTV of approximately 60%.
The builder is one of WAC’s multiple repeat borrowers. WAC has provided numerous construction loans to this builder who has successfully built and sold all of the homes that were associated with each transaction. The borrower currently has two luxury homes in Greenwich that have been fully completed while the third home will be completed in February 2023. The two homes that have been completed are currently being marketed for sale and WAC’s new loan origination to this borrower will be paid off in full upon the sale of either of the aforementioned homes.
Despite the dramatic increase in interest rates during 2022, the Greenwich real estate market is still very active as evidenced by the continued shortage of new construction in the town along with a continued abundance of active buyers. There are still numerous potential wealthy buyers who would like to relocate to Greenwich and purchase a brand new luxury home.
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.