AVANT Capital Partners has closed a $5,000,000 multifamily bridge loan secured by a 360 unit Class B apartment complex in Dallas TX
$5,000,000 multifamily bridge loan closed by Avant Capital for a 360 unit Class B apartment complex in Dallas TX.
- Hartford, CT (1888PressRelease) April 27, 2012 - AVANT Capital Partners, a direct commercial real estate lender, completed the multifamily bridge loan to finance acquisition and rehabilitation of the property. The interest-only loan was priced at 5.25% and will be converted to a permanent loan upon completion of the rehabilitation and lease-up.
According to David Rockaway, AVANT's Principal located in Dallas-Fort Worth, "the level of activity we are seeing in DFW is really ratcheting up. We are offering bridge & conventional financing on deals ranging from $500,000 to $10,000,000 and the response to our lending programs has been strong."
This particular property was 30% vacant at the time of acquisition, but is located in a growing submarket of Dallas. The project presented the sponsors with an opportunity to turnaround an underperforming asset with substantial upside through major rehabilitation. The sponsors are experienced distressed multifamily investors with a strong operational presence in Texas.
"The sponsorship group involved with this transaction is a top notch operator with an excellent future. They have entered the marketplace at the right time and have done a nice job repositioning the over 2,000 units they have already acquired," according to Adam Luysterborghs, AVANT's Managing Principal.
Upon completion of the repositioning plan, AVANT will review the stabilized property for refinancing under its Premier Conventional Program. Current fixed rates under this program range from 3.75% to 4.70% depending upon the fixed rate period. All multifamily loans amortize over 30 years and rates may be fixed for three, five, seven or ten years. In addition to this lending program, the company also offers FNMA financing as a correspondent and has arranged loans with local banks, life companies and credit unions.
To view Avant Capital Partners'current bridge financing programs, please follow the link below:
About Avant Capital Partners-Avant Capital Partners is a direct commercial real estate lender and capital advisor. The company provides commercial mortgages for stabilized and in-transition investment and owner occupied properties nationwide. They offer permanent financing solutions for stabilized assets and bridge or interim loans for properties that are in-transition.
For more information about Avant Capital Partners, please contact:
adam ( @ ) avant-capital dot com