Albuquerque, New Mexico, June 13, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Before Capital (Before), a leading commercial real estate bridge lender, today announced that it has initiated a $22,000,000 bridge loan on the former Wyndham Hotel. Rhino Investment Group, the sponsor, is redeveloping the property as part of a master redevelopment project from hotel to multi-family and retail. The Avant Loan is secured by 297 residential units and over 12,400 commercial square feet in Albuquerque, New Mexico.
The former Wyndham Hotel is nearing completion into a multi-family property containing 297 residential units, of which 283 are existing and 14 are to be built in existing space, plus 10,429 square feet of commercial space on the ground floor. floor and a pad site on which a 2,000 square foot single-tenant quick service restaurant will be built. The loan provided the developers with the proceeds of recapitalization, construction completion, equity collection and closing costs.
Adam Luysterborghs, Managing Director of Avant, said: “This was a target loan investment for us. We love the group of assets and sponsorship involved and hope to do deals like this regularly in the future.”
Bernard Wolff, Avant’s portfolio manager and originator of the loan, said: “We were very pleased to offer the senior loan at an attractive price and to close the cash financing for the sponsor, Rhino Investment Group. Avant Capital provides bridge loans across the country, and we develop an excellent reputation in the market by financing transactions that require rapid closings and creative structuring to achieve borrowers’ objectives.
About Avant Capital
Avant Capital Partners originates and manages commercial real estate debt investments. The company focuses exclusively on first mortgage loans secured by commercial properties nationwide. For more information about Avant Capital, please visit www.avant-capital.com
About Rhino Investment Group
Rhino Investments Group is a privately held, diversified property acquisition and development company with a core competency in the repositioning and redevelopment of underutilized, distressed or environmentally distressed properties. Rhino Investments’ cumulative North American acquisition and development portfolio includes more than 5 million square feet under roof located at more than 60 locations across the United States.
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