Avatar Financial Group LLC has closed a $3.55 million bridge loan that retires the bank debt on the Parke Regency Hotel and Conference Center in Bloomington, Illinois, and funds its conversion to a premium economy Spark by Hilton.
Structured at 70% loan-to-stabilized-value, the two-year loan also funded a reserve for the hotel’s Hilton-approved property improvement plan, budgeted at approximately $1.5 million. “What this hotel has lacked since going independent is distribution,” said T.R. Hazelrigg IV, President and Co-Founder of Avatar. “The Spark conversion puts this property in front of Hilton’s customers, and that’s what the PIP is really buying.”
Located at 1401-1413 Leslie Drive, the three-story hotel occupies a 5.34-acre site and features 70 guestrooms, approximately 12,000 square feet of meeting and event space, an on-site restaurant and a fitness room. The planned conversion includes guestroom and common-area improvements and will increase the room count to 71, with completion anticipated in January 2027.
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