Dallas, TX, June 08, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Avant Capital (Avant), a leading commercial real estate bridge lender, today announced it has originated a $47,122,000 bridge loan, secured by a 500+ unit apartment complex in Dallas, Texas. The sponsors are The Willowood Group and Arch Investment Group, and their equity partner is Stormlight Holdings.
Avant closed the loan in just over two weeks from initial contact.
The property, which was originally constructed in the 1970s, has a net rentable area of more than 400,000 square feet. The loan provided the sponsors with proceeds for the acquisition of the property, renovations, reserves, and closing costs.
Adam Luysterborghs, Managing Principal of Avant, said “This was a target loan investment for us, and we are happy to have been able to perform on time and at the agreed upon terms. We like the asset and sponsorship group involved and hope to effect deals like this one on a regular basis going forward."
Bernard Wolff, Avant’s portfolio manager and originator, said, “We were very pleased to provide the senior loan at attractive pricing and to close on the acquisition financing in such a short time frame. This is the second bridge loan closing under Avant’s joint venture with a $10 billion asset management company. We are actively closing and quoting deals with the backing of our new source of capital, which has greatly enhanced Avant’s loan product offering for the commercial real estate industry.”
“It was incredibly valuable partnering with Northmarq Capital, which arranged financing on behalf of the borrower,” added Jake Kressner, Director at Avant. “Their marketplace knowledge and local track record enabled Avant to provide a streamlined closing process, and we look forward to working together again.”
About Avant Capital
Avant Capital Partners creates and manages investments in commercial real estate debt. The firm focuses exclusively on first mortgage loans secured by commercial property nationwide. For more information on Avant Capital, please visit www.avant-capital.com.
For more information
Avant Capital:
Adam Luysterborghs
(203) 612-9580
adam@avant-capital.com
or
Bernard Wolff
(203) 612-9581
Bernard@avant-capital.com
Media:
Roger Pondel
PondelWilkinson Inc.
(310) 279-5965
rpondel@pondel.com