Avatar Financial Group LLC, a national hard money bridge lender for commercial real estate based in Seattle, recently closed a $4.8 million bridge loan for The Club at Treasure Island in Florida. The borrower, TIY & TC, LLC (a single-asset entity), utilized the funds to acquire this waterfront tennis and yacht club.
This fixed-rate loan has an 18-month term with interest-only payments and represents 57% of the property’s expected value upon stabilization. TIY & TC, LLC plans to increase cash flow by raising marina rents and leasing out the clubhouse to a third-party operator. “We are proud to be involved in preserving The Club as a premier destination for both residents and visitors,” stated T.R. Hazelrigg IV , President & Co-Founder of Avatar.
The site spans across 7.7 acres of upland area with an additional 1.5 acres of submerged land leased from the State of Florida until September 2028 by the borrower.Tucked away at400 Treasure Island Causeway,the property boasts wet slips,a tennis court,Olympic-sized swimming pool,and a spacious39,318-square-foot clubhouse.
This recent transaction marks another successful deal completed by Avatar Financial Group LLC as they continue their mission to provide reliable financing solutions for commercial real estate projects nationwide.
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