Seattle-based national bridge lender Avatar Financial Group has recently closed on a $14-million bridge loan to refinance a portfolio of five retail assets located in three different states. The properties, totaling 65,491 square feet, are all under long-term leases with established tenants and have shown strong operational performance.
The two-year loan features an interest rate of 10.99% and a loan-to-value ratio of 55%. These properties were originally purchased for $24.4 million ten years ago and the borrower has since invested significant capital into property upgrades and lease renewals.
The borrower is an experienced high-net-worth investor who plans to use the funds from this loan to pay off existing debt and execute a strategic plan for selling each individual property. The proceeds from these sales will then be used to repay the Avatar loan. The portfolio includes various retail locations such as Dollar Tree in Milwaukee, WI; CVS Pharmacy in Montevallo, AL; as well as Rite Aid stores located in Hellertown, Lebanon,and Punxsutawney PA.
