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Connecticut
Posted: July 23, 2021
Worth Avenue Capital arranges $1.25 million commercial loan
Guilford, CT Worth Avenue Capital, LLC 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 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 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.
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Connecticut
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