 (1).gif)
News:
Finance
Posted: July 9, 2021
New England company in energy sector uses seven-figure WAC loan to fund building renovations
Guilford, CT Worth Avenue Capital, LLC (WAC) has closed a $1.25 million commercial loan to a New England based distribution company that provides smart technology in the energy sector. The loan proceeds will be used to complete the renovations of a commercial building in Southern New England that an affiliate of the company purchased a few years ago as part of the company's continued exponential growth. The loan was funded by a syndication of WAC's investors and the loan is secured by a first mortgage on the property in Southern New England that is owned by the company's affiliate with an underlying LTV of approximately 65%. WAC's LTV will continue to decrease as the property increases in value as a result of the renovations of the building.
Upon the completion of the renovations of the building, the borrower will obtain a long term conventional mortgage on the property that will be used to pay off WAC's bridge loan.
The company is another repeat borrower for WAC.
Tags:
Finance
MORE FROM Finance
Funding your project: Available, but expensive, in many ways - by Daniel Calano
How many of you remember real estate development in the late 1980s? Project sourcing was difficult, until it wasn’t. Into the 90’s, a few years after, banks and other financial institutions were very happy to fund projects.
 (1).gif)
Quick Hits
Columns and Thought Leadership
Massachusetts real estate transfers over $1 million face new tax rules as of November 1st - by Daniel Meyer
Attention to owners of real estate in the Commonwealth (and the title companies and other professionals who advise them), the Massachusetts Department of Revenue (the “DOR”) recently adopted a new “millionaire’s tax” via 830 CMR 62B.2.4
Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick
Our current, highly competitive real estate market poses specific challenges for investors who are considering taking advantage of a tax-deferred 1031 exchange. In this market, investors will have no problem selling their current property if priced properly, but they may find it difficult to find a suitable replacement property
The focus on price per s/f compared to the comparable sales used in the appraisal report - by Dennis Chanski
Over the past several weeks, I have completed appraisal assignments for private clients. Interestingly, after submitting these appraisals, I received several phone calls – not to question the value, content, or any incorrect information, but rather to discuss the price per s/f compared to the comparable sales used in the report.
Are appraisers on the same page as the assessor? - by Richard Seman
The purpose of this article is to address problematic or confusing issues which may help assessors and appraisers to better understand how to value real estate for tax assessment purposes.
