13 Oct WAC Provides Additional Debt Financing for a CRE Construction Project
October 14, 2022: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $1,050,000 construction loan to a real estate developer/contractor in North Haven, Connecticut. The loan proceeds will be used as additional construction financing for a commercial real estate development project on a commercial real estate asset that is located in a well known industrial park in North Haven, Connecticut. Specifically, the developer is building two separate “butler” buildings on the property that will comprise a total of 20,000 square feet of new industrial space.
The loan is secured by a first mortgage on the property with an underlying LTV of approximately 60%. This particular asset already generates tremendous cash flow as the developer has the existing building fully rented with lucrative long term leases. In addition, the borrower is already generating interest from both investors and potential tenants who would like to either purchase or rent the two new buildings that are currently under construction. The borrower expects to obtain long term conventional financing on this property upon the completion of the construction to pay off WAC’s short term bridge loan.
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 and Youtube videos or by contacting WAC’s principal, Michael M. Ciaburri at firstname.lastname@example.org 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.