San Bernardino County, Calif.—January 16, 2023— Avant Capital (Avant), a leading Connecticut based commercial real estate bridge lender, today announced it has originated a $9 million bridge loan, secured by a 68,000-square-foot industrial property in San Bernardino County, Calif. The property was originally constructed in 1992 and was vacant at the time of acquisition.
The industrial market in southern California has continued to benefit from broad based investor and owner/user interest, which is reflected in the low vacancy and increasing rents. The sponsorship group is an experienced merchant builder with a national footprint, including industrial and retail projects.
The purpose of the loan was to recapitalize the property, payoff seller financing and provide time for the newly leased property to be marketed for sale.
Adam Luysterborghs, Managing Principal of Avant, said, “We have been steadily building our industrial loan portfolio over the past several years and expect to continue growing with many more industrial loans nationwide.”
For 2023, Avant is targeting similar projects nationwide, with loans ranging from $1 million to $75 million, focused on Texas, Tennessee, Georgia, Florida, Connecticut, Alabama, Colorado, North Carolina, South Carolina, Arizona, Virginia, Massachusetts, Idaho, Utah and Michigan. The company offers bridge loans and acquires non-performing loans, secured by all commercial property types but with an emphasis on apartments and industrial properties.