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

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FINANCED
$6,500,000

Texas

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MultiFamily
Financed 04/16/2024
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FINANCED

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

7035 Bellfort Street

See Similar Deals
MultiFamily
Financed 04/16/2024
the dealplayerscompscontact
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Summary

TEXAS
Asset Type:MultiFamily
Transaction Type:Loan

The Bellfort Plaza Apartments, located at 7035 Bellfort Street in Southeast Houston's Golfcrest area, is a multifamily asset featuring 154 units. The property has a stabilized value of $10.8 million and is currently undergoing refinancing with a loan amount of $6.5 million.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $6,500,000
  • Asset Address: 7035 Bellfort Street
  • Market: Houston
  • Units: 154
  • Lender: T.R. Hazelrigg IV - Avatar Financial Group
  • Landlord: HSR Bellfort Plaza Apartments, LLC
  • Loan Type: Refinance
  • Loan Terms: interest-only loan carries a 24-month term

The financing for the Bellfort Plaza Apartments was provided by Avatar Financial Group LLC, a bridge lender based in Seattle. T.R. Hazelrigg IV, President & Co-Founder of Avatar, noted the positive outlook for the Houston market, particularly mentioning rent growth and population increases as key factors influencing the area's appeal for multifamily investments.

Players

Avatar Financial Group
Avatar Financial Group
LENDER

Details

FINANCED
IMAGE: T.R. Hazelrigg IV DATE: 04/16/2024 ADDRESS: 7035 Bellfort Street MARKET: Houston ASSET TYPE: Multifamily ~ UNITS: 154 LENDER: T.R. Hazelrigg IV (@TRHaz) - Avatar Financial Group LANDLORD: HSR Bellfort Plaza Apartments, LLC LOAN AMOUNT: $6,500,000 LOAN TYPE: Refinance LOAN TERMS: interest-only loan carries a 24-month term NOTE: Avatar Financial Group LLC, a Seattle-based bridge lender, has provided $6.5 million in financing for the 154-unit Bellfort Plaza Apartments in Southeast Houston's Golfcrest area. The interest-only loan, representing 60.27% of the property's stabilized value of $10.8 million, will aid in paying off an existing $6 million mortgage and completing construction of 14 new units. Avatar's President & Co-Founder, T.R. Hazelrigg IV, expressed optimism about the Houston market's rent growth and population increase, highlighting the metro's favorable fundamentals for apartments and the significance of international migration in driving the region's growth.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$6,500,000.00

Monthly NOI$43,333.33
Monthly Debt Service$41,084.42
Change in Cash Flow$0.00
Refinance Proceeds$0.00