31 Aug WAC Closes CRE Loan on Prime Waterfront Property
August 31, 2017
Worth Avenue Capital, LLC is pleased to announce that it successfully closed a $350,000 “follow on” commercial loan for a restaurateur who owns and operates several restaurants in Southeastern Connecticut. The loan is secured by a junior mortgage on a waterfront commercial property in Old Saybrook, Connecticut and the loan was funded by one of WAC’s private investors. The borrower is utilizing the loan proceeds for both working capital and debt consolidation purposes.
As a result of this “follow on” commercial loan, WAC’s investor now has total exposure of $1,000,000 to this borrower and whose debt is fully secured by this prime waterfront real estate asset with a total underlying LTV of approximately 65%. The borrower has handled all of their loan payments on the senior debt as agreed and on time.
The borrower is in the process of redeveloping the property as the former structure that inhabited the land was decimated several years ago by two different hurricanes that ravaged the Connecticut Shoreline. These loans are expected to both be paid in full in the near future by restructuring the debt through the refinance of the property with a conventional lender.