2017
WAC Closes $1.45 Million Loan for CT-Based Real Estate Developer
Worth Avenue Capital
September 28, 2017
September 28, 2017, Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a commercial loan package for a Connecticut based real estate developer totaling $1,450,000. The package consists of a $1,170,000 Term Loan as well as a $280,000 Line of Credit that were used for debt consolidation purposes as well as to provide working capital for construction purposes. The loan is secured by a first mortgage on a mixed use building in a prime location in downtown Hartford, Connecticut and the loan was funded by one of WAC’s private investors.
The borrower is currently renovating a portion of the building into a more diversified property that will both enhance and increase the property’s market value while simultaneously enable the borrower to attract long term low fixed interest rate debt financing from either a bank or surety company. Upon completion of the construction in the building, the borrower expects to achieve the aforementioned goal and thus pay off WAC’s bridge loan.
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