27 Aug WAC Closes $650,000 Loan on Waterfront Property in Old Saybrook, CT
Worth Avenue Capital, LLC is pleased to announce that it successfully closed a $650,000 bridge loan on a commercial property that is situated in one of the premier locations in the Southeastern corridor of the Connecticut Shoreline. This property is a 2.23 acre commercial building lot on the water located right next door to The Saybrook Point Inn in Old Saybrook, CT. This loan is secured by a mortgage on this property.
A seasoned entrepreneur who owns several restaurants in Connecticut. The sponsor needed to restructure the debt on this real estate holding as he continues to proceed with his plan of building a 13,000 square foot restaurant facility on the property. The previous restaurant that existed on this property was decimated by Hurricane Sandy.
The Loan to Value on this loan is 45%.
Loan Underwriting Process
WAC was contacted by the Sponsor’s attorney who made the necessary introductions between the parties and WAC was able to close this transaction within a few weeks from the initial introduction.