Michael Ciaburri, Worth Avenue Capital, LLCWillington, CT Worth Avenue Capital (WAC) closed a $240,000 commercial real estate loan for the real estate investment subsidiary of a Connecticut based building supply company. The loan proceeds were used to pay off a supplier of the building supply company and the loan is secured by a blanket first mortgage on two adjacent commercial investment properties. The loan was funded by one of WAC’s private investors.
The principal of the building supply company contacted Michael Ciaburri of WAC three days before the New Year’s holiday long weekend and indicated that time was of the essence to close this transaction. In response, Ciaburri and WAC’s closing attorney worked through the holiday weekend and closed the loan within one week of the actual loan request.
The borrower has the commercial properties listed for sale with a commercial real estate broker and will pay off WAC’s bridge loan upon the sale of the properties.