20 Dec WAC Stormfield Closes CRE Loan to CT-Based Real Estate Developer
December 20th, 2018: WAC Stormfield, LLC is pleased to announce that it just successfully closed a $1,475,000 CRE loan to a Connecticut based real estate developer and investor. The loan proceeds were used by the borrower to invest in a real estate project in New Jersey and the loan is secured by a second mortgage on CRE that is located in Fairfield County, Connecticut in which the tenants are NYSE traded and Class A tenants.
The borrower has the aforementioned property in Fairfield County, Connecticut under contract for sale with an expected closing date of no later than 12/31/18. Thus, the borrower will pay off WAC Stormfield’s CRE bridge loan in full on the date of the closing of the sale of that property.
This real estate developer and investor is a repeat client of Worth Avenue Capital, LLC and WAC Stormfield was able to fund this bridge loan request within two weeks.
WAC Stormfield, LLC is a co-branded private lending division that was created by Michael Ciaburri of Worth Avenue Capital, LLC and Wesley Carpenter of Stormfield Capital, LLC both in Connecticut. This partnership entity specializes in making loans to both real estate developers and investors who need to need to obtain fast capital to take advantage of opportunistic real estate transactions.