Avatar Financial Group recently provided $15.6 million in combined acquisition and property improvement financing for three assets in Texas and Utah. The properties include a Holiday Inn Express in the Houston metro area, an industrial warehouse in Dallas and a storage facility in the Salt Lake City metro.
“Avatar identified the financial growth opportunities these three different properties offered and determined these diverse assets facilitate the continued building of our portfolio across a wide range of markets,” said T.R. Hazelrigg IV, president and co-founder of Avatar Financial Group. “Demand for industrial space remains high and we are confident that these properties will serve as essential facilities for producing, storing, and distributing the goods and products the global economy needs. Additionally, the Holiday Inn Express project is perfectly aligned with our investment goals of delivering risk-adjusted returns to our investors.”
The deals encompass a nearly $9 million commercial bridge loan for a storage facility in Utah for property improvements and partner buyout. Avatar provided a more than $3.6 million commercial bridge loan for the acquisition of an industrial warehouse located on the Central Express Way in Dallas.
The Avatar team also provided a $3 million commercial bridge loan for the acquisition of a 68-room Holiday Inn Express in the Houston metro. Avatar’s loan provided 56 percent of the purchase price and will further fund $950,000 to meet the PIP requirements of the franchisor.