Avatar Financial Group LLC, a national bridge lender for commercial real estate based in Seattle, WA, recently provided $6.4 million in financing for the Bodega Coast Inn and Suites located on Northern California’s Sonoma Coast in Bodega Bay. The bridge loan has a term of 2.5 years and will be used by the sponsor, who is a repeat client of Avatar’s, to renovate and reposition the limited-service hotel into one of the top destinations in Bodega Bay – a popular weekend getaway spot for residents of Northern California.
According to T.R. Hazelrigg IV, President of Avatar Financial Group LLC: “The location of Bodega Coast Inn & Suites on Bodega Harbor is ideal but like many boutique properties it could benefit from some updates to truly stand out.” He also mentioned that their borrower has previous experience successfully revamping another boutique hotel in San Diego which gives them confidence that this project will see similar success.
Bodega Coast Inn & Suites sits on 2.15 acres at 521 S Hwy 1 with six three-story buildings housing 44 guestrooms all offering views overlooking beautiful Bodega Bay as well as a main building featuring amenities such as lobby space,dining options,and meeting facilities.Built backin1986,the property spans over31 thousand square feetand includes additional features likea breakfast room,saltwater hot tubs,in-room fireplaces,and event space spanning over2100 square feetwith stunning Pacific Ocean views.
