NEW YORK--(BUSINESS WIRE)--Avant Capital Partners (AVANT), a leading New York City-based real estate investment bank that specializes in multifamily and commercial financing, closed a bridge loan of $3,300,000 for the refinance and renovation of a 200-unit multifamily property located in Waco, TX. The loan proceeds enabled the Borrower to close with no additional cash out of pocket to capitalize on a discounted payoff offered by the existing lender and provided additional funds for renovations which will help increase the property’s NOI.  The 12-month interest-only loan was secured through AVANT’s relationship with a closely held private equity fund.

The project sponsors, the PPA Group based in Austin TX, are experienced multifamily investors with a strong operational presence in central Texas and over 4,000 units under management.  “We had just signed our loan docs and were supposed to be closing our loan within days, only to find out that the lender did not have the capital they claimed to have and could not follow through on their loan commitment,” according to PPA Group President & CEO Monte Lee Wen.  “After being left at the altar and facing a tight deadline, we turned to AVANT to provide a capital solution.  Their market knowledge and relationships with various capital sources expedited the closing.”

The multifamily bridge loan was originated by Jeffrey Weingart, a Principal at AVANT, and closed in just 22 days.  According to Mr. Weingart, “With tighter credit markets, a professional advisor with market knowledge is more important than ever.  This is an example of where AVANT adds value to transactions.  We understood the asset, the borrower and the business plan and used our relationships to arrange the appropriate capital solution for the borrower.”

Mr. Lee Wen further stated, “This is the fourth asset that Jeffrey Weingart and team have financed for the PPA Group since the capital market implosion in 2008.  We thank them for helping us build and strengthen our portfolio as we take advantage of the opportunities present in this market.”

According to Adam Luysterborghs, the Managing Principal at AVANT, “Our borrowers’ situation in this case is not unique.  It is very common for our transactions to involve many moving parts that were never factors in years past.  We are seeing our business evolve into a more advisory role over time and think that this change in the marketplace plays to our strengths as a company.”

About Avant Capital Partners – Avant Capital Partners is a real estate investment bank and correspondent lender originating mortgages for several institutional investors. The company provides commercial mortgages for stabilized and in-transition investment properties nationwide.  They offer permanent financing solutions for stabilized assets and bridge or interim loans for properties that are in-transition. The company’s capital partners rely upon AVANT to take each transaction from preliminary underwriting through closing to provide a seamless execution and positive experience for borrowers.

Avant Capital Partners
Jeffrey Weingart, 617-517-3628
Principal
jweingart@avant-capital.com
or
Adam Luysterborghs, 212-231-9782
Managing Principal
adam@avant-capital.com