Avatar Financial Group LLC (“Avatar”), a leading national bridge lender specializing in commercial real estate, has provided $7.34 million to refinance a pair of garden-style communities in Houston, Texas. The bridge loan carries a two-year term and an LTV of 70%.
The 78-unit Donovan Village is located at 601 West Donovan Street in Northwest Houston’s Independence Heights neighborhood, while the 60-unit Station Apartments sits at 4411 Fulton Street, within the Greater Heights area of Midtown Houston. The market-rate properties feature laundry facilities, onsite maintenance, and picnic areas with barbecues.

The sponsor required expedited financing in order to qualify for a Texas property tax abatement program expected to sunset during this legislative session. The program would reduce the real estate tax burden on the properties by up to 90% annually.
Avatar closed in under two weeks, allowing the borrower to meet the program’s deadline. With the tax savings in place, the sponsor plans to redevelop both sites and ultimately exit Avatar’s loan through construction take-out financing.
“This deal underscores our ability to move quickly and decisively when the stakes are high,” said T.R. Hazelrigg IV, President of Avatar. “The borrower had a limited window to capture a transformational tax incentive, and our team delivered. We’re proud to support this next chapter as they reposition these assets for long-term success.”
Houston remains one of the most active multifamily markets in the country, with investor interest driven by steady population growth and strong housing demand. The Donovan and Fulton Street properties are positioned in neighborhoods undergoing revitalization, presenting future upside through thoughtful redevelopment.