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News: Front Section
Posted: January 6, 2023
Worth Avenue Capital funds $300,000 loan for 15-unit apartment renovation
Brooklyn, C T Worth Avenue Capital, LLC has closed a $300,000 commercial loan to a Connecticut based real estate developer. The loan proceeds will be used to complete the internal renovation of a 15-unit apartment. The loan is secured by a blanket second mortgage on the apartment building in Brooklyn, Connecticut as well as a commercial building in Manchester, Connecticut 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 is a local bank in Brooklyn that is prepared to provide long-term financing on the apartment building upon the completion of the construction. The bank’s long-term loan will be used to pay off WAC’s bridge loan.
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