**Avatar Financial Group Provides $7.34M in Bridge Financing for Two Houston Properties**
Avatar Financial Group, a leading national bridge lender specializing in commercial real estate, has funded $7.34 million in refinancing for two garden-style multifamily communities in Houston, Texas. The financing package includes a two-year term with a loan-to-value (LTV) ratio of 70%.
The 78-unit Donovan Village, located at 601 West Donovan Street in the Independence Heights neighborhood of Northwest Houston, and the 60-unit Station Apartments, positioned at 4411 Fulton Street in the Greater Heights area near Midtown Houston, make up the financed portfolio. Both market-rate communities offer key amenities including laundry facilities, on-site maintenance, and picnic areas equipped with barbecues.
The sponsor pursued this bridge loan to secure timely funding in order to qualify for a Texas property tax abatement program that may conclude during the current legislative session. This program could reduce property taxes on the assets by as much as 90% annually, significantly enhancing their long-term value and operating cash flow.
In a separate transaction, Avatar Financial Group also closed on a $3.16 million bridge loan for a Texaco-branded gas station and convenience store in Dallas. This loan carries an initial interest rate of 11.5%, an LTV of 65%, and a two-year term.
