News: Front Section
Posted: March 3, 2017
Worth Ave. Capital closes $125,000 commercial loan
Michael Ciaburri, Worth Avenue Capital, LLCFairfield, CT Worth Avenue Capital, LLC (WAC) has closed a $125,000 commercial loan for a builder in Fairfield County, as a “fix and flip” project. The loan is secured by a blanket first mortgage on two properties in CT that the borrower owns and the loan closed in less than one week and was funded by one of WAC’s private investors with an underlying LTV of 36%.
The borrower is a repeat client of WAC who made a loan to this company late in 2016 on another “fix and flip” property in which the borrower has already sold that property, paid off WAC’s bridge loan and made a substantial profit on that transaction. This borrower has proven to be a savvy real estate investor and expects to complete his latest “fix and flip” project within the next six months or so and will then pay off WAC’s bridge loan.
WAC specializes in arranging debt financing for both small businesses and real estate developers/investors and also handles bank workouts.
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
Columns and Thought Leadership
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.