Avatar Financial Group Provides $6.5M Refinance For Bellfort Plaza Apartments In Houston

The 154-unit Bellfort Plaza Apartments, located at 7035 Bellfort Street in Houston, was involved in a recent transaction. The property, a multifamily asset, received a $6.5 million refinancing loan from Avatar Financial Group LLC. The loan, with a 24-month interest-only term, will assist in paying off an existing $6 million mortgage and financing the completion of 14 new units. The financing represents 60.27% of the property's stabilized value of $10.8 million.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $6,500,000
• Address: 7035 Bellfort Street
• Market: Houston
• Lender: T.R. Hazelrigg IV - Avatar Financial Group
• Landlord: HSR Bellfort Plaza Apartments, LLC
• Loan Terms: 24-month interest-only term

The key individual involved in facilitating the loan transaction for Bellfort Plaza Apartments was T.R. Hazelrigg IV, the President & Co-Founder of Avatar Financial Group. Hazelrigg expressed confidence in the Houston market's rent growth and population increase, underscoring the positive fundamentals supporting the region's apartment market. He also highlighted the role of international migration in driving the area's growth, showcasing optimism for the property's future prospects under the new financing arrangement.