20 Mar WAC Closes CRE Loan to CT Real Estate Developer
March 20, 2019: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $275,000 CRE loan to a Connecticut based real estate developer. The loan proceeds will be used to begin to develop a large piece of commercial real estate in Manchester, Connecticut.
The borrower was able to purchase a note that was secured by the aforementioned property in Manchester, Connecticut through the bankruptcy court at a very steep discount. In order to secure the loan, WAC took an assignment of the note as well as a first mortgage on commercial property in Brooklyn, Connecticut. The loan was funded by one of WAC’s private investors with an underlying LTV of approximately 50%.
As a long term investment, the borrower is starting a new business that will operate from the property in Manchester, Connecticut and will seek to obtain commercial financing for the business to pay off WAC’s bridge loan.