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News:
Owners Developers & Managers
Posted: April 23, 2015
Worth Avenue Capital, LLC closes $125,000 commercial loan to real estate developer in Mass.
Worth Avenue Capital, LLC (WAC) closed a $125,000 commercial loan to a real estate developer. The loan proceeds will be used to complete the renovations of two of the developer's buildings, which were acquired with his own capital, and the loan is secured by a blanket first mortgage on those two properties. The loan was funded by one of WAC's private lenders. This developer already has inexpensive permanent bank financing on several of his other holdings and he will refinance and pay off WAC's private capital with additional new bank financing upon completion of the renovations of these two properties. The developer is taking advantage of WAC's fast loan approval process and quick loan closings so that he is able to rapidly proceed with his construction projects by having the availability of fresh capital.
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Portland, ME Colwen Hotels celebrated the opening of Residence Inn by Marriott and Moxy Hotel Portland Thompson’s Point, the first hotel in the city’s Thompson’s Point district. Developed by XSS Hotels and managed by Colwen Hotels, the five-story, dual-branded property introduces 148 guestrooms to one of southern Maine’s fastest-growing waterfront destinations.
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Columns and Thought Leadership
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