Avatar Financial Group LLC has funded a $11.125 million bridge loan secured by three operating gas stations in the Chicago metropolitan area.
Structured at 61% loan-to-value with a two-year interest-only term, the loan enables the sponsor, a large fuel station and convenience store operator, to refinance maturing debt and release a fourth property that had previously been cross-collateralized with the subject assets. All operating under the BP brand, the properties are located at 470 Dundee Ave. in Elgin, 860 W Army Trail Rd. in Carol Stream, and 1100 W Stearns Rd. in Bartlett.
All three locations are operational and generate consistent cash flow. “Our borrower needed a fast solution to refinance out of a maturing, cross-collateralized structure, freeing up a separate property for disposition or refinance,” said T.R. Hazelrigg IV, Avatar’s President and Co-Founder. “We understood the urgency and stepped in with capital that unlocked the next phase of the plan.”
