Avatar Financial Provides $6.5M Loan for Refinancing of Houston Apartment Complex

HOUSTON — Seattle-based lender Avatar Financial Group has provided a $6.5 million bridge loan for the refinancing of Bellfort Plaza, a 168-unit apartment complex in southeast Houston. Built in 1961 and renovated in 2001, Bellfort Plaza offers one-, two- and three-bedroom units. The borrower, an entity doing business as HSR Bellfort Plaza Apartments LLC, acquired the property in 2003 and will use the proceeds to pay off a $6 million first mortgage loan and complete construction of 14 new units. Those new units are all preleased.  A.J. Funaro of Brookview Financial arranged the debt.