Atwater, Calif.—September 21, 2021— Avant Capital (Avant), a leading commercial real estate bridge lender based in Westport, Connecticut, has originated a $12.45 million bridge loan, secured by a 96,244-square foot grocery-anchored retail center, the Atwater Marketplace, in Atwater, California.
Constructed in 2007, the property is a stabilized asset that is 100% leased with 21 tenants and has exhibited consistent cash flow over the past three years. At closing, the center was under contract for $16.6 million, and the loan provided funds for the acquisition. The loan was structured to permit the borrower to sell off individual parcels to maximize his return on investment. The sponsor plans to keep many of the current tenants in place.
Adam Luysterborghs, Managing Principal of Avant, said, “This loan had deal points that made it important for the buyer to borrow from a balance sheet lender. Avant Capital does not securitize or sell any of its loans, so it services and asset manages the deals from cradle to grave.” Bernard Wolff, Avant’s portfolio manager and originator, said, “We were pleased to provide a flexible structure, which included the release of portions of the collateral over the term of the loan at attractive pricing for the sponsors. This transaction is the third closing we have completed under Avant’s joint venture with a $10 billion asset management company.
“We continue to actively close and quote deals with Avant’s new source of capital, which has greatly enhanced our product offering for the commercial real estate industry and provides the flexibility to conduct business backed by both high performing and non-performing loans across the country,” Wolff added.