Worth Avenue Capital closes $550,000 commercial loan for CT developer

Uncasville, CT Worth Avenue Capital, LLC (WAC) closed a $550,000 commercial loan for a Connecticut-based real estate developer who specializes in new home construction and renovations as well as condominium development projects. 

The loan proceeds will be used to convert a single-family residence into a four-family residence as well as to consolidate some existing debt. The loan is secured by a second mortgage on the property in the town with an underlying LTV of approximately 70%.

The sponsor is one of many of WAC’s multiple repeat borrowers. He and WAC have partnered together on numerous successful real estate development projects. The borrower should be able to complete the renovation and transformation of the above referenced property within the next 90 to 120 days and will then list the property for sale upon the completion of the construction. Upon the sale of the property, WAC’s short-term bridge loan will be paid off in full.

Worth Avenue Capital maintains offices in Guilford and Greenwich, Conn., as well as Palm Beach, Fla.