Avatar Financial Completes Solid Second Half of 2022
Seattle-based alternative commercial mortgage bridge lender Avatar Financial Group announced the completion of over $70 million CRE bridge financing across 16 loans in the third and fourth quarters of 2022. “Avatar has experienced steady demand, and these financings demonstrate that businesses still want to invest, despite economic headwinds,” said Avatar CEO Jerry Zevenbergen.
Avatar Financial Group is a portfolio lender that controls more than $100 million in funds to make hard money bridge loans. Some highlights from the 2nd half of 2022 include:
A $28 million, 24-month loan for three commercial properties and a land parcel in Boulder, CO. Proceeds will be used to refinance and stabilize the properties. $9 million in financing for an office property in Hemet, CA, and $5.6 million for a pair of boutique hotels in Sonora, CA. Avatar also provided bridge financing for a multifamily complex in Opa-Locka, FL and an 84-unit townhome community in Columbia, SC.