Avatar Financial Group LLC provides $4.25 million in financing for two Pittsburgh-area properties
Pittsburgh, PA Avatar Financial Group LLC provided $4.25 million in financing across two separate Pittsburgh-area transactions. The deals, which involve an industrial complex in West Pittsburgh and a hotel in Beaver Falls, reflect two distinct uses of bridge capital: one tied to working capital for a longstanding industrial operator, and the other to a time-sensitive discounted payoff and property improvement plan.
“Pittsburgh still runs on operating businesses and real estate that owners have held for decades, creating steady demand for capital that can flex around timing and structure,” said T.R. Hazelrigg IV, Avatar’s president and co-founder. “They need a way to tap that equity quickly when the business case calls for it. In both of these transactions, the sponsors had a clear reason to move and a defined way to take us out, and the flexibility and short timeline of a bridge loan fit their needs perfectly.”
Avatar provided a two-year, $2.6 million bridge loan secured by an industrial complex at 2880 Neville Rd. in West Pittsburgh. The collateral includes a two-parcel, 47-acre site with 196,317 s/f across 36 structures, including a chemical manufacturing plant. The property is owned and occupied by a privately held family business that has operated there for more than 100 years. The company manufactures thermoplastic and liquid resin products, including adhesives used across a range of industrial and commercial applications.
With a conservative loan-to-value of 24%, proceeds allow the company to continue developing and marketing new products as it responds to emerging materials, customer requirements and competitive shifts within its manufacturing business. The borrower plans to refinance Avatar’s loan with long-term financing following expiration of a six-month yield maintenance period.
In Beaver Falls, a $1.65-million bridge loan from Avatar helped an experienced hotel owner-operator move quickly to retire existing debt at a discount.
The financing is secured by a Ramada by Wyndham hotel at 7195 Eastwood Dr. The 141-room, select-service hotel is on 7.2 acres within the Pittsburgh West/Airport submarket. Built in 1978 and last renovated in 2016, the three-story property totals 105,000 s/f and includes a bar and lounge, breakfast area, pool and courtyard, and 3,000 s/f of meeting space. The hotel sits along Eastwood Dr. between I-76 and Westgate Dr., with access to major highways and employment centers across northern Beaver County and the broader Pittsburgh area.
The 18-month loan was originated at 66% loan-to-value and was used to retire the hotel’s existing loan at a discount ahead of maturity. Avatar also structured a holdback for system and cosmetic upgrades intended to support occupancy and improve the property’s operating profile. The sponsor owns a 10-asset hotel portfolio in Pennsylvania and has a strong background in hotel management and operations. Following completion of the planned upgrades, the sponsor intends to refinance Avatar’s loan with permanent financing from a traditional lender.
“On one hand, the value was in moving quickly enough to capture a discounted payoff and fund property improvements,” Hazelrigg said. “On the other, it was converting long-held industrial equity into working capital without overleveraging the real estate. The same tool solved two very different problems.”
The loans also reflect the breadth of the Pittsburgh market, which has evolved beyond its historic manufacturing base while continuing to benefit from established infrastructure, a skilled workforce and demand from operating businesses across industrial, hospitality and service-oriented sectors.