News: Front Section
Posted: May 5, 2023
WAC exits $2.35m mezzanine debt with sale of luxury home
Greenwich, CT Worth Avenue Capital, LLC has exited $2.35 million in mezzanine debt in a transaction. WAC’s sponsor was a luxury home builder who has built numerous homes in desirable neighborhoods and has been a “blue chip” customer of WAC for the last several years as a repeat borrower.
Despite the “draconian” interest rate hikes by the Federal Reserve over the last year or so that has caused a distinct slow down in the luxury home market, WAC’s sponsor closed on the sale of 224 Stanwich Rd. A portion of the proceeds from that sale paid all of WAC’s mezzanine debt in full and WAC’s investors earned a 35% “cash on cash” ROI during the term of these loans.
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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