Avatar Financial Group LLC has funded a $12.58-million bridge loan secured by an industrial property in Eugene, Oregon. The loan carries a 10.99% initial interest rate, a 65% loan-to-value ratio, and a 24-month term.
Located on 10.5 acres at 311 Chambers St. in West Eugene’s industrial corridor, the property is comprised of seven buildings totaling roughly 220,000 square feet. The sponsor required fast and flexible financing to complete the purchase of the vacant industrial facility, which is now being leased by a major national pharmacy chain for storage and light manufacturing operations. The property’s location and upgraded condition position it well for both near-term income and long-term appreciation.
“This deal is a great example of what happens when urgency, vision, and local insight come together,” said T.R. Hazelrigg IV, President of Avatar. “We moved quickly to underwrite a vacant property based on real-world tenant interest and market fundamentals, allowing the sponsor to act decisively and create value from day one.”
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