NEW YORK - January 7, 2025 (NEWMEDIAWIRE) - Avant Capital (Avant), a leading commercial real estate bridge lender, today announced it has originated a $32.5 million bridge loan, secured by four retail condominiums containing in aggregate 34,578 rentable square feet, located in New York City.
The Property is anchored by Target Corporation and is part of a larger 7-story retail/residential luxury condominium building. Avant’s loan allowed the sponsor, Xinyuan Real Estate Co., Ltd., to exit from bankruptcy.
The original construction loan on the property went into default in November 2022, and the construction loan and mezzanine loan were sold to a note buyer who moved to foreclose. The sponsor filed for bankruptcy in January 2024 to stave off the foreclosure and have an opportunity to restructure the existing debt. As a part of the court-approved restructuring plan, the sponsor will retain ownership of the property, subject to repaying its portion of the allocated existing debt.
Adam Luysterborghs, Managing Principal of Avant, said, “We have been recapitalizing distressed real estate projects nationwide since 2012, and this project was right in our wheelhouse. We have additional capital to deploy in similar situations, and the market is there for us right now.”
Bernard Wolff, Avant’s portfolio manager and loan originator, said, “We were very pleased to provide the senior loan at attractive pricing and to close on the recapitalization financing for the sponsor, who was in bankruptcy. Avant is actively closing and quoting deals in the commercial real estate industry, providing the flexibility to provide loans that are backed by both high-performing and non-performing loans throughout the U.S.”
EXP Realty NYC’s Steven Weiss acted as broker on behalf of the borrower.
About Avant Capital
Avant Capital (www.avant-capital.com) is a commercial real estate lender offering short-term financing for value-add/transitional projects, recapitalizations and acquisitions in urban, suburban and rural markets nationwide. Avant manages its portfolio of debt investments for the benefit of family offices, foundations, high net worth and institutional investors.
Contact:
Adam Luysterborghs
Avant Capital
(203) 612-9580
adam@avant-capital.com
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