News: Front Section
Posted: December 4, 2015
Worth Avenue Capital, LLC partners with Stormfield Capital, LLC to close $900,000 loan for CT based construction company
Killingworth, CT Worth Avenue Capital, LLC (WAC) partnered with Stormfield Capital, LLC to close a $900,000 syndicated private commercial loan to a CT-based construction company. The loan proceeds were used by the real estate development subsidiary of the construction company to pay off an existing commercial loan with a northeastern-based community bank at a substantial discount. This new loan is fully secured by a blanket first mortgage on two contiguous buildings as part of a mixed-use real estate development.
The borrower is well known to WAC and was a client of the principal, Michael Ciaburri, during his career as a commercial banker. This transaction took shape as a result of a bank merger in which this northeastern-based community bank was purchased by a larger northeastern-based regional bank. The larger acquiring bank in turn instructed the smaller bank that held the loan to exit the Conn. marketplace. As such, this bank decided to offer the borrower a steep discount to the principal to pay off their loan within a very short time frame.
Since time was of the essence to close this transaction, the borrower took advantage of WAC’s and Stormfield’s private capital to close the new loan within 10 days from the day that the borrower finalized their agreement with the bank.
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,
Quick Hits
Columns and Thought Leadership
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.
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:
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.
