Seattle-based Avatar Financial Group LLC, a national hard money bridge lender for commercial real estate, recently closed a $4.8 million bridge loan for The Club at Treasure Island in Florida. The borrower, TIY & TC, LLC used the funds to acquire the waterfront tennis and yacht club.
The fixed-rate loan has an 18-month term and is interest-only. It represents 57% of the property’s expected value upon stabilization. TIY & TC plans to increase cash flow by raising marina rents and leasing out the clubhouse to a third-party operator.
“We are proud to be part of preserving The Club as a top destination for both residents and visitors,” stated T.R. Hazelrigg IV , President & Co-Founder of Avatar Financial.
The site spans over 7 acres on land owned by the State of Florida with an additional 1.5 acres underwater leased until September 2028 by TIY & TC . Located at400 Treasure Island Causeway,the property features wet slips, tennis courts,a large swimming pool,and a spacious clubhouse spanning over39,000 square feet .
This recent transaction showcases Avatar Financial’s expertise in providing financing solutions for commercial real estate projects across different states without compromising on quality or service standards.
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