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Brokerage
Posted: November 25, 2016
Worth Avenue Capital, LLC (WAC) closes $175,000 commercial loan
Brockton, MA Worth Avenue Capital, LLC (WAC) closed a $175,000 commercial loan to a Mexican restaurant operation that is based in southern New England. The loan proceeds will be used for leasehold improvements as the company is opening its eighth location.
The loan is secured by a blanket first mortgage on four separate properties in Springfield, Mass. with an underlying LTV of 46%. The loan was funded by one of WAC’s private investors.
Besides opening its eighth restaurant, the company is rebranding its operation and will now be using one uniform name for all of its stand-alone restaurants and taco trucks. The company operates restaurants in Massachusetts, Connecticut, and Rhode Island.
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