News: Front Section
Posted: January 13, 2023
Worth Avenue Capital, LLC closes $300,000 loan to fund the internal renovation of a 15-unit apartment building
Brooklyn, CT Worth Avenue Capital, LLC closed a $300,000 commercial loan to a real estate developer. The loan proceeds will be used to complete the internal renovation of a 15-unit apartment building. The loan is secured by a blanket second mortgage on the apartment building and a commercial building in Manchester, CT with an underlying LTV of 50%.
The developer is a multiple repeat borrower of WAC who has successfully developed several properties in Connecticut with the assistance of WAC’s short-term bridge financing. The borrower has a local bank in Brooklyn, CT that is prepared to provide long-term financing on the apartment building upon the completion of the construction. The bank’s loan will be used to pay off WAC’s bridge loan.
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Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI
Providence, RI Shawmut Design and Construction celebrated the ceremonial groundbreaking for the 195 District Park Pavilion, marking the start of construction on a facility that will feature year-round dining and support space for park operations. In addition to the 3,500 s/f building, the project will include infrastructure upgrades
The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!
The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Investing in a falling rate environment - by Harrison Klein
Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins
The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary