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Avatar provided a $7.3 million refinance loan for a 155,800-square-foot industrial warehouse in North Highlands, California. The property is owner-occupied by a business with a 35-year history. Due to COVID-19 related challenges, the tenant's business decreased, and it could not meet a loan covenant. Avatar's loan paid off the real estate mortgage and line of credit. read more

Avatar provided a $4.745 million loan for The Cadence hotel in Niagra Falls, New York. The property is located a few blocks from the Niagra Falls state park- a popular tourist attraction. A hotel redevelopment program was initiated to add six new rooms and a restaurant. However, in the midst of making improvements, the bank discontinued funding for the construction due to COVID-19 related challenges. The Sponsors used all available resources and credit facilities to finish the project. The hotel's improvements are complete and reopened for guests in May 2021. read more

Avatar provided a $1.8 million loan to finance entitlements on an investment lot in Laguna Beach, California. The borrower's anticipate completion of the entitlements during the term of the 1-year loan. Once complete, the borrower plans to sell the Laguna Beach lot and refinance the Arcadia house. read more

A first lien on Best Western Plus Portage Hotel & Suites located at 6200 Melton Road Portage, Indiana read more

The property is currently owned free and clear and is in excellent condition with numerous recent upgrades. The property is on a quiet residential street and each unit has its own covered parking spot. The guarantor is purchasing an investment property in Texas and will be utilizing the cash out as part of the down payment. The guarantor has excellent credit and strong net worth. The borrower will retire Avatar's debt with a conventional refinance. read more

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