Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Avatar Financial Provides Financing for Dundee Hills Resort
Avatar Financial Group LLC, a Seattle-based national hard money bridge lender for commercial real estate, provided a $5.8 million bridge loan for the Dundee Hills Resort in Dundee, Oregon. The borrower used the funds to retire a maturing construction loan on the newly completed property, situated in the heart of Oregon’s Willamette Valley Wine Country.
Located at 9750 NE Fox Farm Road, Dundee Hills Resort offers for-rent private cottages and luxury Airstream rentals. The 14-acre property also features a clubhouse, wine tasting room, WiFi, and laundry and shower facilities.
The first lien carries a 56.5% LTV and a six-month term with three extension options of six months each. The sponsor intends to season the property’s income stream before pursuing a refinance with a traditional lender.
“We’re excited for the opportunity to work with this new borrower, who already owns Archer Vineyards, a successful winery just minutes down the road,” said T.R. Hazelrigg IV, Avatar’s President & Co-Founder.
Industry leaders and power players are connecting at Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa. Don’t miss the expert’s take on where the market is headed, and what changes are on the horizon. Register Now!
