Avant Capital Originates $4.85-Million Bridge Loan on Apartment Property in San Antonio, Texas
SAN ANTONIO, TX, Jan. 11, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Avant Capital (Avant), a leading Connecticut based commercial real estate bridge lender, today announced it has originated a $4,850,000 bridge loan, secured by the newly constructed property known as “Hacienda del Rio.” The property includes 17 residential and six commercial units in Helotes, Texas, which is a northwest suburb of San Antonio.
The property design incorporates a live-work model, where certain units include dedicated commercial workspaces, while other exclusively residential units sit above low-impact commercial space. Most units have a dedicated garage space directly accessible from their unit. Finishings are condo quality and incorporate thoughtfully selected luxury materials and appliances.
The purpose of the loan was to recapitalize the project, payoff the construction lender and provide time to complete lease-up of the property. The loan was completed in less than 30 days from term-sheet to closing.
Adam Luysterborghs, Managing Principal of Avant, said, “This loan was our third in the San Antonio MSA over the past year, and we expect to continue growing our presence in this market. This particular property is new construction, and the design concept was beautifully executed by the developer."
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.
About Avant Capital
Avant Capital Partners creates and manages investments in commercial real estate debt. The firm focuses on senior loans secured by commercial property nationwide. For more information on Avant Capital, please visit www.avant-capital.com
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