Oklahoma City, OK, April 27, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Avant Capital (Avant), a leading commercial real estate bridge lender, has originated a $22,500,000 bridge loan, secured by a 328-unit garden-style apartment complex in Oklahoma City, OK.
The property, originally constructed in 1971 and known as The Restoration at Candlewood, has a net rentable area of 334,000 square feet. Located at 8557 Candlewood Drive, it was acquired by the borrower in February 2020 and currently is undergoing a complete renovation to bring it up to a Class-B asset. The loan will repay an existing first mortgage and provide funds for the remaining renovation, closing costs and an interest reserve.
Bernard Wolff, Avant’s portfolio manager and originator of the loan, said, “We were pleased to provide the stretch senior loan at attractive pricing to GreenLite Holdings, LLC, so that the borrower’s investment goals could be achieved. This bridge loan is the first announced closing under Avant’s joint venture with a $10 billion AUM investment management company.
“We are actively closing and quoting deals with Avant’s new source of capital, which has greatly enhanced our product offering to the commercial real estate industry, providing the flexibility to conduct business backed by both high-performing and non-performing loans across the country,” Wolff added.
NorthMarq Capital arranged the financing on behalf of the borrower.
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.
Avant Capital:
Adam Luysterborghs
(203) 612-9580
Media:
Roger Pondel
PondelWilkinson Inc.
(310) 279-5965
rpondel@pondel.com
or
Bernard Wolff
(203) 612-9581