Avatar Financial Group LLC (“Avatar”), a leading Seattle-based national bridge lender specializing in commercial real estate, has closed an $11.24-million bridge loan secured by the Latitude Apartments in Corpus Christi, Texas.
Originally constructed in 1973 and located at 6402 Weber Road in Corpus Christi’s Southside neighborhood, Latitude Apartments consists of 21 buildings and features a swimming pool, onsite laundry facilities, sports courts, outdoor kitchen, and a picnic area with BBQ. The borrower, who had already completed the majority of an extensive renovation across the property, required additional capital to finalize the improvements and restore the community to full functionality.
With renovations nearly complete, Latitude Apartments has already received strong leasing interest. The borrower anticipates returning the asset to stabilized occupancy shortly before exiting Avatar’s loan through a conventional refinance once lease-up is underway.
“This is a great example of value creation through revitalization,” said T.R. Hazelrigg IV, President of Avatar. “Our loan enabled the borrower to finish what they started—transforming an aging multifamily asset into a vibrant, income-producing community. We’re proud to support the final leg of that journey.
Corpus Christi has experienced steady multifamily demand amid broader population growth and ongoing revitalization efforts. At a time when many South Central and Texas metros experienced rent softening or negative absorption, Corpus Christi delivered positive year-over-year rent growth, underscoring its stability and long-term multifamily fundamentals. Well-located and newly improved assets like this one are poised to benefit from increased renter interest and a tightening housing market.
