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Avatar Closes Bridge Loan on Ripon Industrial, Rocklin Parcel
Avatar Financial Group LLC has closed on a $7.4-million bridge loan secured by a multi-parcel industrial asset in Ripon and a residential development site in Rocklin, outside Sacramento. The financing, structured with a two-year term, 43% combined LTV and initial interest rate of 11.50%, offers the borrower a strategic solution to refinance maturing debt while executing a long-term business transition.
The primary asset securing the loan is a 105,550-square-foot industrial property at 222 E. 4th St. in Ripon. With loans maturing, the sponsor, a long-established steel and industrial equipment manufacturer, needed flexible capital to bridge the gap until it could execute a planned sale-leaseback and relocate to Illinois.
Avatar structured the loan to include a first lien on both the Ripon property and the Rocklin parcel, owned by an affiliated co-borrower. Entitled for 48 single-family lots, the parcel is in negotiations for sale.
“This is exactly the type of complex financing that traditional lenders won’t touch—but it’s where we thrive,” said T.R. Hazelrigg IV, president of Avatar.
- ◦Financing
