31 Oct WAC Closes Loan to MA Real Estate Investor for the Purchase of Commercial Property by Rhode Island Airport
October 30, 2023: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $3,250,000 commercial loan to a Massachusetts based real estate developer/investor. The loan proceeds were used by the Sponsor to purchase a strategically positioned real estate parcel near the TF Green Airport in Warwick, Rhode Island and the loan is secured by a first mortgage on the property with an underlying LTV of approximately 54%.
The Sponsor has already entered into an agreement to sell and “flip” the aforementioned property to a nationally recognized residential real estate developer for a substantial profit and expects to close on the sale of the property in the very near term. Upon the completion of the sale of the property, the Sponsor will pay off WAC’s short term bridge loan in full.
This new loan request was referred to WAC by Fantini & Gorga who is one of the premier commercial loan brokers in New England.
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] http://www.weclosecommercialloans.com) and Youtube videos or by contacting WAC’s principal, Michael M. Ciaburri at email@example.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.