Albuquerque, New Mexico—June 13, 2022— Avant Capital (Avant), a leading commercial real estate bridge lender, today announced it has originated a $22,000,000 bridge loan on the former Wyndham Hotel. Rhino Investment Group, the sponsor, is re-developing the property as part of a master re-development project from hotel to multifamily and retail. The Avant loan is secured by 297 residential units and over 12,400 commercial square-feet in Albuquerque, New Mexico.
The former Wyndham Hotel is nearing its completion to a multifamily property containing 297 residential units, 283 of which are existing and 14 which are to be built out within the existing space, plus 10,429-square-feet of ground-floor commercial space and a pad site on which a 2,000-square-foot single tenant quick-serve restaurant is to be constructed. The loan provided the sponsors with proceeds for the recapitalization, construction completion, equity cash-out and closing costs.
Adam Luysterborghs, Managing Principal of Avant, said, “This was a target loan investment for us. We like the asset and sponsorship group involved and hope to effect deals like this one on a regular basis going forward.”
Bernard Wolff, Avant’s portfolio manager and originator of the loan, said, “We were very pleased to provide the senior loan at attractive pricing and to close on the equity cash-out financing for the sponsor, Rhino Investment Group. Avant Capital is providing bridge loans across the country, and we are developing a great reputation in the market by financing deals that need quick closes and creative structuring to meet the borrowers’ objectives.”
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
About Rhino Investment Group
Rhino Investments Group is a privately held, diversified real estate acquisition and development firm whose principal competency lies within the repositioning and redevelopment of underutilized, distressed or environmentally challenged properties. Rhino Investments North American accumulative acquisition and development portfolio includes over 5-million-square feet under roof located on over 60+ sites throughout the United States.