Flagstaff, AZ Avatar Financial Group LLC (“Avatar”), a leading Seattle-based national bridge lender specializing in commercial real estate, has closed on a $7 million bridge loan secured by a portfolio of three medical office buildings operated by North Country HealthCare, a nonprofit healthcare provider serving medically underserved communities.
The 18-month loan, structured at a 10.99% initial interest rate and 45% LTV, provides North Country HealthCare with working capital they can use toward their operations and services. The collateral includes:
- 2920 N 4th St., a 35,137 s/f, single-story facility in Flagstaff, AZ that serves as a key administrative and clinical hub for North Country HealthCare’s regional network
- 2650 E Show Low Lake Rd., a regional medical office in Show Low, AZ serving the surrounding communities
- 620 W Lee St., a clinic along the I-40 corridor in Winslow, AZ, offering healthcare services
Since its founding in 1991, North Country HealthCare has been a healthcare provider in Northern Arizona, operating 11 clinics delivering a full spectrum of services in rural and medically underserved communities. The borrower ultimately plans to refinance with a traditional lender to pay off the Avatar loan in full.
"This was an opportunity to support a mission-driven healthcare provider serving communities that need it most,” said T.R. Hazelrigg IV, president of Avatar. “North Country HealthCare has a strong track record, and despite some financial challenges, their operations remain sound. Our financing gives them the breathing room they need to focus on their mission while positioning them for long-term success.”
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