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Seattle & Northwest  + Seattle  + Retail  |  December 12, 2024
Jasmine Kilman
By: Jasmine Kilman

Avatar Financial Group Provides $14M for Multi-State Retail Portfolio

Avatar Financial Group, a Seattle-based national bridge lender specializing in commercial real estate, has closed on a $14-million bridge loan to refinance a portfolio of five retail assets spanning three states.

Totaling 65,491 square feet, the properties are all under long-term, triple-net leases with established tenants and strong operational performance. The two-year bridge loan features a 10.99% interest rate and a loan-to-value ratio of 55%. The portfolio was originally acquired a decade ago for $24.4 million, with the sponsor investing significant capital in property upgrades and lease renewals.

The borrower, an experienced high-net-worth investor, will use the funds to retire existing debt and implement a strategic plan to sell the individual properties, with proceeds earmarked to repay the Avatar loan. The properties include a Dollar Tree in Milwaukee, WI; a CVS Pharmacy in Montevallo, AL; and three Rite Aid stores in Hellertown, Lebanon, and Punxsutawney, PA.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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