News: Front Section

Worth Avenue Capital, LLC closes $1.1 million commercial loan to a CT real estate developer

Hartford, CT Worth Avenue Capital, LLC (WAC) has closed a $1.1 million commercial loan to a real estate developer who has real estate holdings in seven states throughout the eastern seaboard of the U.S. The loan is secured by a blanket mortgage on a commercial property in West Hartford, as well as a commercial property in Owings Mills, MD with an underlying LTV of approximately 40%.

The sponsor is one of WAC’s repeat borrowers who continues to be a very active real estate developer in the region. In fact, within the last several days, the sponsor sold a portion of his holdings on Asylum Ave. in West Hartford for $22.24 million that abuts the property that WAC used as partial collateral for this new loan origination.

The property in Owings Mills, MD is located in the hub of an established, dense retail trade area in a premier development location that is perfect for the acquisition of “big box” tenants.

The sponsor is constantly buying and selling properties in the region and his development business is very fluid. He expects to pay off WAC’s bridge loan from the sale of another property in the near term.

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,
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Four tips for a smooth 1031 Exchange - by Bill Lopriore

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

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

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.
Five ways to ruin a  Section 1031  Like-Kind Exchange - by Bill Lopriore

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: