Avatar Financial Group LLC (“Avatar”), a leading Seattle-based national bridge lender specializing in commercial real estate, has closed an $11.24-million bridge loan secured by the Latitude Apartments in Corpus Christi, Texas.
Originally constructed in 1973 and located at 6402 Weber Road in Corpus Christi’s Southside neighborhood, Latitude Apartments consists of 21 buildings and features a swimming pool, onsite laundry facilities, sports courts, outdoor kitchen, and a picnic area with BBQ. The borrower, who had already completed the majority of an extensive renovation across the property, required additional capital to finalize the improvements and restore the community to full functionality.
With renovations nearly complete, Latitude Apartments has already received strong leasing interest. The borrower anticipates returning the asset to stabilized occupancy shortly before exiting Avatar’s loan through a conventional refinance once lease-up is underway…