AVANA Capital Closes on $2M Loan on Residential Property in Grand Rapids, Michigan

Scottsdale AZ

27 April, 2022

4:20 PM

Description

AVANA Capital Closes on $2M Loan on Residential Property in Grand Rapids, Michigan AVANA Capital provided cash-out refinance loan Grand Rapids, MI (April 27, 2022)— AVANA Companies, a family of ESG lending and investment platforms, recently closed a $2 million cash-out refinance loan to a local real estate investor for a multi-unit residential property. The property was built in 1975 and includes two, two-story multi-family residential buildings with a total of 42 units located in Grand Rapids, Michigan. Loan proceeds went towards refinancing debt from the current lender with excess proceeds as cash out to recapitalize sponsor equity and support closing costs. The current owners purchased the property in 2016 in an off-market deal. Following the purchase, the investors have performed upgrades in select units and continued maintenance. The property is located East of US-131 in the South Grand Rapids area. To read more about AVANA’s uniquely structured loans and projects visit https://avanacapital.com/. About AVANA Companies: With $1.3B AUM, 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 has recently been named to the 2021 Inc. 5000 List of America’s Fastest-Growing Private Companies. 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 AVANA Companies on LinkedIn.