Avatar Financial Group, a leading national bridge lender specializing in commercial real estate, has provided $7.34 million to refinance a pair of garden-style communities in Houston, Texas. The bridge loan carries a two-year term and an LTV of 70%.Â
The 78-unit Donovan Village is located at 601 West Donovan St. in Northwest Houston’s Independence Heights neighborhood, while the 60-unit Station Apartments is located at 4411 Fulton St. in the Greater Heights area of Midtown Houston. The market-rate properties feature laundry facilities, on-site maintenance, and picnic areas with barbecues.Â
The sponsor required expedited financing in order to qualify for a Texas property tax abatement program expected to sunset during this legislative session. The program would reduce the real estate tax burden on the properties by up to 90% annually.Â
The company secured a $3.16-million bridge loan for a Texaco-branded gas station and convenience store in Dallas. The financing was structured with an 11.5% initial interest rate, 65% loan-to-value, and a two-year term.Â
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