Texas CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Texas  + State of Texas  + Hospitality  | 
Odessa Hilton Garden Inn gets $5.3 bridge loan before sale

Odessa Hotel Receives $5.3 Million Bridge Loan

A Hilton Garden Inn received financing of $5.3 million for a 12-month term of 8%. Avatar Financial Group provided the bridge loan to backfill another maturing loan due on the property, which is currently listed for sale. Avatar’s TR Hazelrigg says the financing allowed the sponsor to meet current obligations by providing immediate cash flow and afford financing until a sale of the hotel is complete.

The 22,000 square-foot full-service hotel is valued at $10.1 million. The 100-room property is just off I-20 and is 12 miles from Midland International Airport.

Avatar is an institutionally funded portfolio lender which controls over $100 million in funds to make hard money bridge loans. The company has completed over $1 billion in loans.

Connect

Inside The Story

TR Hazelrigg

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

  • ◦Financing
Money360-24-cube
Money360-23-cube