Oakland, CA

$4,000,000

Industrial

Purchase

08/30/2019
Transaction by
Avatar Financial Group
Avatar Financial Group, a direct private money lending firm, funded a $4,000,000 bridge loan for the acquisition of a 24,000 square foot industrial property in Oakland, CA. The seller had been operating as a dog daycare for 22 years and is known as a "Disney Land" for dogs. Longtime employees formed a cooperative to purchase the business in early 2019 and needed capital to acquire the property. Avatar was able to provide funding for the acquisition, providing the business with the runway needed to continue providing daycare, overnight boarding and eventually secure conventional financing. Our interest rate was 7.99% for a 24-month term and loan-to-value of 60%. The deal was brought to us by a mortgage broker to whom we paid a commission of $40,000. This CRE bridge loan was funded in August 2019.