News:
Connecticut
Posted: September 19, 2016
WAC closes $125,000 loan for restaurateur
Cheshire, CT Worth Avenue Capital, LLC (WAC) closed a $125,000 commercial loan to a restaurateur who owns three restaurants in Northern New England. The loan proceeds will be used for working capital purposes for the restaurants and the loan is secured by a second mortgage on real property in Cheshire, with an underlying LTV of 47%. The loan was funded by one of WAC’s private investors.
The borrower is a repeat client of WAC. A few years ago, WAC negotiated a forbearance agreement for this client on a commercial property in Essex whose mortgage was held by a New England based regional bank.
In this latest transaction, the borrower has a note receivable that is coming due within the next year or so and will use the net proceeds from the monetizing of that note to pay off WAC’s bridge loan.
Tags:
Connecticut
MORE FROM Connecticut
Galton of Houlihan Lawrence sells 15,800 s/f Wake Robin Inn for $3.5m
Lakeville, CT Houlihan Lawrence Commercial, a division of Houlihan Lawrence, a real estate firm serving Connecticut and New York City’s northern suburbs, has brokered the sale for $3.5 million of the Wake Robin Inn, a 15,800 s/f historic inn located on 11.52 acres at 106 Sharon Rd.
Quick Hits
