17 May WAC Closes Seven Figure Loan to Real Estate Development Group
May 17, 2019: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $1,000,000 CRE loan to a real estate development group. The loan proceeds were used to purchase a CRE asset in a prime location in North Haven, CT. The property is anchored by a national tenant with a long term lease. The loan is secured by a first mortgage on the aforementioned property and the loan was funded by a syndication of WAC’s private investors.
The borrower is currently in negotiations to replace the existing tenant in this property with a much larger national tenant who has a stronger balance sheet and cash flow who is willing to pay higher rent than the existing tenant. In addition, the borrower will construct a new facility for the new tenant that will substantially increase the market value of the property.
Once the borrower has secured the lease from the larger national tenant, they will obtain conventional bank financing and pay off WAC’s bridge loan.