26 Apr WAC Provides Debt Consolidation to Fine Dining Restaurant in Madison, CT
April 26, 2017
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $450,000 commercial loan to a fine dining restaurant that is located in Madison, Connecticut. The loan proceeds were used to consolidate debt and the loan is secured by a first mortgage on the building and land in Madison, Connecticut where the restaurant is located. This property is located on Route 1 right in the “hub” of the town and is considered to be a prime and desirable piece of commercial real estate. The loan was funded by one of WAC’s private investors with an underlying LTV of approximately 56%.
The borrower will be listing their property for sale and expects to pay off WAC’s bridge loan within one year or less. WAC was able to fund and close this transaction within one week from the time that the borrower agreed to the terms and conditions of the loan.