Worth Avenue Capital closes a $3.8m short-term CRE bridge loan

Trumbull, CT Worth Avenue Capital, LLC (WAC) has closed a $3.8 million short-term CRE bridge loan to a real estate developer in Southern New England for the purchase of commercial property. The developer negotiated a lucrative long-term lease with Amazon to build a new Whole Foods grocery store on the property. The borrower already has his construction financing in place with a ground-up construction lender in Texas. The loan proceeds will pay off WAC’s short-term bridge loan in full within the next several months following the first advance of the construction financing. This real estate developer is a multiple repeat borrower from WAC and is expected to continue partnering with WAC on real estate development projects in the future.