Avatar Provides Financing for Luxury Beachfront Residences

Barchart · 10/21 17:38

Avatar Financial Group LLC has provided $12 million in financing for a pair of luxury beachfront residences in Manhattan Beach. The two-year bridge loan represents a combined loan-to-value of 35%.

The debt is secured by 2020 The Strand, a 5,328-square-foot asset with seven bedrooms and eight bathrooms, and 2016 Ocean Dr., a five-bedroom, five-bathroom house totaling 4,306 square feet. Both properties are located in the Sand Section of Manhattan Beach, a coastal neighborhood known for beach access, ocean views and high home prices.

The sponsors, private investors who run a global holding and investment group, will use the funds for business purposes. “We’re seeing continued strength in high-demand coastal markets like Manhattan Beach, where the appetite for premium properties remains strong despite broader market fluctuations,” said Avatar president, T.R. Hazelrigg IV. “Our flexible financing solutions allow us to support investors looking to leverage high-value real estate while maintaining liquidity for other business endeavors.”

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