AVATAR FINANCIAL GROUP PROVIDES $8.75 MM FINANCING FOR 17,500-SQUARE-FOOT LUXURY PARK CITY, UTAH PROPERTY “Monitor’s Rest At The Colony”

• Responsive bridge loan funding allows completion of iconic 5-acre ski-in/ski-out estate again listed for sale; Property sold for $39.6 Million in May 2022, setting a record price in Utah.

• The property is currently being resold for a listing price of $50 million and is now the most expensive home for sale in Utah. The owner, who made additional improvements, originally intended to keep the estate, but his plans changed.

• Following additional work on the home, it is represented for sale by Paul Benson of Engel & Völkers, who represented both the buyer and the original seller, developer, Iluminus Group.

Seattle, February 28, 2023 – Seattle-based Avatar Financial Group provided a bridge loan totaling $8.75 million to The Iluminus Group, a custom home builder, to complete all interior finishes on a 17,500-square-foot, luxury ski-in/ski-out property in Park City, UT. The estate is in the exclusive Colony at White Pine Canyon gated community and is tucked into the mountains at the base of Monitor Bowl.

Avatar Financial Group is a portfolio lender that controls more than $200 million in funds to make hard money bridge loans. A leader in alternative commercial mortgage lending, the company has completed financing transactions totaling more than $1 billion in loans. Avatar has enabled fast access to capital for real estate investors across the United States for nearly twenty years.

“Monitor’s Rest At The Colony” is being sold by Paul Benson of Engel & Völkers, who represented both the buyer and the seller, developer Iluminus Group in the original sale. The Iluminus Group, the borrower, specializes in turnkey luxury spec homes in Park City, UT, The Hamptons, NY, and Jackson Hole, WY. Park City is 32 miles southeast of downtown Salt Lake City.

The development group procured a world-renowned team to work on the project, including Carney Logan Burke Architects and Magleby Construction. The outer structure and roof were already completed when Avatar was brought into the project. Avatar underwrote an $8.75 million, 18-month loan, allowing Iluminus to complete all interior finishes of the home and adhere to its timeline. Avatar held all net loan proceeds in a construction draw account that was disbursed as the work progressed.

T.R. Hazelrigg, IV, Co-Founder and President of Avatar Financial Group, shared his reasoning for contributing to this iconic property’s successful completion and sale. He explains, “Monitor’s Rest sets the bar for luxury and mindful living and is the essence of the Park City lifestyle. The estate’s stunning setting and master-level artisanship are on par and complement each other seamlessly. Avatar was delighted to be Iluminus Group’s capital partner and to play a significant role in making this dream home a reality.”

The compound’s eye-popping features include rich copper cladding and a wellness-intelligence system that provides circadian rhythm lighting that responds to the human body’s natural cycles and promotes productivity and balance. The home features a DELOS advanced water and air filtration system that provides supplemental oxygen feed for high-altitude environments. Other amenities include a sauna, steam room, and massage room with a backlit Himalayan salt wall. A designated “wellness wing” has a stainless-steel hot tub, indoor-outdoor lap pool, sport court, gym, sports simulator, and single-lane bowling alley. A long list of additional comforts, custom-builds, and dialed-in details make this unique home a distinctive global property.

Monitor’s Rest At The Colony

All Images Courtesy of Engel & Völkers International Real Estate

About Avatar Financial Group

Avatar Financial Group was founded in 2003 and provides real estate bridge loans for borrowers with capital needs that traditional lenders are not meeting because they don’t meet bank standards or for borrowers who don’t have time to wait. Principals of Avatar have completed more than a billion dollars of bridge loan funding. Avatar Financial Group is a leader in commercial hard money bridge loans, offering solutions for nonconforming, income-producing real estate nationwide. While the current market has created a lack of credit availability for real estate investors and small business owners, Avatar Financial Group is positioned to meet the market needs and expand its portfolio of loans in the $1 million to $35 million + range without the regulatory constraints that large banks and institutional lenders are now facing.

For More Information, Contact: loanrequest@avatarfinancial.com | (206) 728-5900 | https://www.avatarfinancial.com/