22 Dec WAC Funds Loan for Renovation of Fifteen Unit Apartment Building in CT
December 19, 2022: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $300,000 commercial loan to a Connecticut based real estate developer. The loan proceeds will be used to complete the internal renovation of a 15 unit apartment building in Brooklyn, Connecticut. The loan is secured by a blanket second mortgage on the apartment building in Brooklyn, Connecticut as well as a commercial building in Manchester, Connecticut with an underlying LTV of approximately 50%.
The developer is a multiple repeat borrower of WAC who has successfully developed several properties in Connecticut with the assistance of WAC’s short term bridge financing. The borrower has a local bank in Brooklyn, Connecticut that is prepared to provide long term financing on the apartment building upon the completion of the construction. The bank’s loan term loan will be used to pay off WAC’s bridge loan.