03 Apr Repeat WAC Borrower Closes Sale of Luxury Home in Greenwich, CT. Successfully Pays off Mezzanine Debt
April 3, 2023: Worth Avenue Capital, LLC is pleased to announce that it successfully exited $2,350,000 in mezzanine debt in a transaction in “tony” Greenwich, Connecticut. Specifically, WAC’s Sponsor was a luxury home builder who has built numerous homes in the most desirable neighborhoods of Greenwich and has been a “blue chip” customer of WAC for the last several years as a repeat borrower.
Despite the “draconian” interest rate hikes by the Federal Reserve over the last year or so that has caused a distinct slow down in the luxury home market in Greenwich, WAC’s Sponsor successfully closed on the sale of 224 Stanwich Road in Greenwich last week. A portion of the proceeds from that sale paid all of WAC’s mezzanine debt in full and WAC’s investors earned a 35% “cash on cash” ROI during the term of these loans.
WAC continues to be a very active private lender in the marketplace and has excess liquidity that it is seeking to reinvest in new short term bridge loan originations in both the northeast and Florida.
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.