Manhattan Beach, CA Avatar Financial Group LLC (“Avatar”), a Seattle, WA-based national bridge lender for commercial real estate, has provided $12 million in financing for a pair of luxury beachfront residences.
The bridge loan carries a two-year term and represents a combined loan-to-value of 35%. The debt is secured by 2020 The Strand, a 5,328 s/f asset with seven bedrooms and eight bathrooms, and 2016 Ocean Dr., a five-bedroom, five-bathroom house totaling 4,306 s/f. Both properties are located in the Sand Section of Manhattan Beach.
The sponsors, private investors who run a global holding and investment group, own the collateral free-and-clear and will use the funds for business purposes. Both residences consist of three floors, high-end finishes, features, and amenities like heated floors, elevators, gourmet kitchen with top-of-the-line appliances, wet bars, multiple fireplaces, and finished basements with features like a game room, bowling alley and theater room.
“We’re seeing continued strength in high-demand coastal markets like Manhattan Beach, where the appetite for premium properties remains strong despite broader market fluctuations,” said Avatar’s president, T.R. Hazelrigg IV. “Our flexible financing solutions allow us to support investors looking to leverage high-value real estate while maintaining liquidity for other business endeavors. This loan reflects Avatar’s commitment to providing creative, timely financing solutions in today’s dynamic market.”
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