04 May WAC Closes CRE Loan to Prominent Real Estate Developer in CT
May 4, 2018: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $400,000 CRE loan to a prominent real estate developer in Connecticut. The loan proceeds will be used by the borrower for working capital purposes on one of his real estate development projects in Connecticut. The loan is secured by a second mortgage on a piece of commercial real estate in Fairfield County, Connecticut whose tenants include Longhorn Steakhouse, Chili’s, and TD Bank and the loan was funded by one of WAC’s private investors.
The borrower has the aforementioned property in Fairfield County, Connecticut listed for sale with another prominent CRE broker and will pay off WAC’s bridge loan upon the sale of that property. WAC was able to close this loan within six days of the actual loan request.