AVANA Companies Closes $18.8M Loan for Extended-stay Hotel Property in Brooklyn, NY
AVANA Capital provided a refinance loan to finance the completion of renovations
Glendale, Ariz. (August 15, 2022)— AVANA Companies, a family of Environmental, Social and Governance (ESG) lending and investment platforms since 2002, closed on an $18.8 million refinance loan last month for a multi-family property in Brooklyn, New York. The loan was obtained by investors to complete interior renovations of a 65-unit, six-story hotel building located in the East Williamsburg-Bushwick industrial zone, near the Morgan Avenue L train stop.
Brooklyn, New York’s second largest borough with approximately 2.7 million residents, ranks as the third most populous city in the United States and the hotel property is located in the heart of the borough across from a recently completed Netflix production facility as well as near the Montrose Avenue metro station, which is within eight minutes walking distance.
“Funding a hotel in this neighborhood means plenty of opportunity for local employment and a boost to its economy.,” says Trevor Terpening, vice president of originations at AVANA Company’s Extensia Financial. “Lending where the circumstances give rise to Environmental, Social and Governance practices is always our top priority and this unique loan allows us to advance our ESG mission.”
The loan provides the investor with additional immediate capital to complete the project and begin providing corporate housing to professionals conducting business in the area. The East Williamsburg-Bushwick industrial zone is home to many media companies, the property will boast a Manhattan-based media company on the ground floor. Given the property’s close proximity to an established production company, it’s expected to garner great support from other nearby businesses.
To learn more about loan’s AVANA has funded, please visit https://avanacapital.com/project-list/.
About AVANA Companies
The AVANA Family of Companies (AVANA) is dedicated to stimulating local economies and contributing to clean energy development across the United States. Founded in 2002 by brothers Sundip and Sanat Patel, it is a family of ESG lending and investment platforms that serve entrepreneurs and investors. AVANA’s ESG lending is done through AVANA Capital, LendThrive™,and Extensia Financial and ESG investments through AVANA Fund and EqualSeatTM. The company’s goal is to empower American small businesses by providing ESG focused loans and investment opportunities that are impactful, socially driven and preserve wealth. AVANA is headquartered in Arizona and serves small business owners and investors across the United States and globally. AVANA invests in the communities it serves, creating jobs, stimulating economic growth, and contributing to sustainable projects. AVANA Capital, LLC is licensed in California under DBO license number 603K752 and in Arizona under CBK license number 0921662. To learn more, visit www.avanacompanies.com or follow on AVANA Companies on LinkedIn.
For media inquiries, please contact:
10 to 1 Public Relations