Worth Avenue Capital Closes $600,000 follow-on debt offering for U.S. steel co.

Greenwich, CT Worth Avenue Capital, LLC (WAC) has closed a $600,000 follow-on debt offering for a U.S-based steel company for the purpose of purchasing land in Hertford, NC. This land purchase represents an add-on acquisition as part of the company’s plan to build a new steel foundry in the aforementioned town, an initiative that the U.S. government has both sanctioned and promoted.

This short-term bridge loan is fully secured by a junior mortgage on a $21 million personal residence in Greenwich, Conn., along with a first mortgage on the recently purchased land in North Carolina, with an underlying LTV of approximately 55%. The steel company is discussing a potential equity stake with a NYSE-traded company that has expressed interest in the project.

WAC’s bridge loan will be paid off in full from either the closing of the private equity investment or the sale of the property located in Greenwich.