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.

Tags: Finance Connecticut

Reprint

Previous Story Next Story

MassDevelopment issues $9m in tax-exempt bonds to Harbor Health Services Inc.

Hyannis, MA MassDevelopment issued $9 million in tax-exempt bonds on behalf of Harbor Health Services Inc. to help the nonprofit public health agency expand its community health center and serve additional patients.

Talonvest secures $40.2m financing for five-property self-storage portfolio

Walsh and Sidel of EagleBridge Capital arrange $5.9 million construction mortgage financing for Cedarbrook Homes

Walsh and Sidel of EagleBridge Capital arrange $5.9m financing

JLL closes $20.3m HUD 232/223(f) refi. for Spring Village at Dover memory care community

JLL closes $20.3m refi. for Spring Village at Dover

Eastern Bank provides $31 million construction loan for Wood Partrners’ Alta Altitude

Eastern Bank provides $31m const. loan for Wood Ptrs.’ Alta Altitude

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Movers & Milestones

Press of Press|Cuozzo receives 2025 Deal of the Year – Retail Lease award

Columns and Thought Leadership

Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick

Our current, highly competitive real estate market poses specific challenges for investors who are considering taking advantage of a tax-deferred 1031 exchange. In this market, investors will have no problem selling their current property if priced properly, but they may find it difficult to find a suitable replacement property

Are appraisers on the same page as the assessor? - by Richard Seman

The purpose of this article is to address problematic or confusing issues which may help assessors and appraisers to better understand how to value real estate for tax assessment purposes.

Massachusetts real estate transfers over $1 million face new tax rules as of November 1st - by Daniel Meyer

Attention to owners of real estate in the Commonwealth (and the title companies and other professionals who advise them), the Massachusetts Department of Revenue (the “DOR”) recently adopted a new “millionaire’s tax” via 830 CMR 62B.2.4

The focus on price per s/f compared to the comparable sales used in the appraisal report - by Dennis Chanski

Over the past several weeks, I have completed appraisal assignments for private clients. Interestingly, after submitting these appraisals, I received several phone calls – not to question the value, content, or any incorrect information, but rather to discuss the price per s/f compared to the comparable sales used in the report.