16 Jun South Florida Real Estate Investor Uses WAC Loan to Invest in a Condo in West Palm Beach
June 15, 2022: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $285,000 loan to a real estate investor in South Florida. The loan proceeds were used to purchase a condo on tony S. Flagler Drive in West Palm Beach, Florida. The loan is secured by a blanket first mortgage on the condo unit that was purchased as well as a second mortgage on another property in a community in West Palm Beach, Florida that was developed by Jack Nicklaus. The underlying LTV on this loan is approximately 30%.
West Palm Beach, Florida continues to be gentrified and has recently become one of the wealthiest cities in the U.S. The exponential increase in real estate prices on ultra wealthy Palm Beach Island over the last few years has spilled over into neighboring West Palm Beach who has also seen its real estate prices explode since the onset of Covid.
The borrower will be selling the property in the Jack Nicklaus development in the very near term thus allowing them 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.