Avatar provided a $3.4 million multifamily bridge loan for two multi-unit residential rentals in Brooklyn, New York. Once the properties stabilized with positive cash flow and a solid rental history, the borrower refinanced conventionally.
Avatar provided a $2.7 million commercial bridge loan and N.O.O residential bridge loan for an office building in Redmond, Oregon, and residence in Seattle, Washington. Avatar provided a refinance and an interest reserve for the office building by using a 4,300-square-foot single family residence in Washington as additional collateral.
Avatar provided a $5.8 million N.O.O residential bridge loan for a single-family residence in Medina, Washington. Avatar’s loan refinanced the current debt and provide a one-year full payment reserve, allowing time for the sponsor to either sell the property or obtain conventional financing.
Avatar provided a $2.85 million commercial bridge loan for a 129-room hotel in Hoffman estates, Illinois
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.