30 Oct WAC Loans Working Capital to CT Real Estate Investor for Medical Office Space
October 27, 2023: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $100,000 commercial loan to a Connecticut based real estate investor. The loan proceeds were used for working capital purposes and the loan is secured by a blanket mortgage on four separate properties including two commercial condominiums in Greenwich, Connecticut with an underlying LTV of approximately 60%. The aforementioned condo complex is fully leased by various dental and periodontist practices. Office space for dental and periodontal practices is somewhat limited in Greenwich, Connecticut so the borrower has a captive audience in terms of attracting and securing qualified tenants for his office condo holdings.
This new loan origination was funded as a “follow on ” debt offering to an existing seven figure loan that was funded by WAC earlier this year. The borrower is actively selling one of the commercial condo’s in Greenwich and expects to pay off the loan in full upon the sale of the unit.
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 worthavenuecapital@gmail.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.