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.