News: Financial Digest
Posted: February 10, 2023
Worth Avenue Capital, LLC closes $1million construction loan to CT-based developer
Montville, CT Worth Avenue Capital, LLC (WAC) closed a $1 million construction loan to a CT-based real estate developer. The loan proceeds will be used to partially fund the construction of a 12-unit condominium complex. The loan is secured by a first mortgage on the property in Montville, as well as a junior mortgage on real property in Wilton, Conn., with an underlying LTV of 55%.
The developer is a multiple repeat borrower of WAC who has developed and sold numerous investment properties with the assistance of WAC’s bridge financing. Montville is a “blue-collar” town in which there is demand for low cost residential real estate inventory. This new complex fits the aforementioned need well and it is expected that, despite the exponential increase in interest rates during 2022, these new units will sell quickly upon the completion of the construction.
WAC’s construction bridge will be paid off in stages during the next eighteen months or so as the condo units are completed and sold.
Tags:
Financial Digest
MORE FROM Financial Digest
Preservation of Affordable Housing secures $23.5 million in financing from Rockland Trust and Citizens Bank
Cambridge, MA The nonprofit Preservation of Affordable Housing (POAH) has secured $23.5 million in financing from Rockland Trust and Citizens Bank to transform a 150-year-old, underutilized church complex into housing. The project will ultimately create 46 affordable family-sized apartments.
Columns and Thought Leadership
Examples of investors who used Kay Properties for legacy and estate planning purposes for rental property/portfolios - by Dwight Kay
Preserving wealth across multiple generations requires strategic planning, foresight, and the right investment vehicles. Delaware Statutory Trusts (DSTs) offer a powerful solution for families looking to build and protect their financial legacy and to efficiently plan for their estate.
Conn. hospitality market: A technical appraisal perspective on market dynamics and valuation challenges (2019-2025)
The Connecticut hospitality market has demonstrated uneven recovery patterns between 2019 and 2025, with boutique and historic properties achieving $125 RevPAR in 2025, up 8.7% from the 2019 level. Coastal resort properties achieved a $105 RevPAR in 2025, representing 10.5% growth since 2019. Casino corridor properties maintained modest growth with RevPAR improving 4.5% to $92 in 2025.
