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iBorrow Closes on Refi for Mixed Portfolio of LA Properties
iBorrow, a nationwide private direct lender for commercial real estate, closed on a $9.2-million loan to refinance a portfolio of three properties in the Los Angeles area. They include a mid-construction 14-unit multifamily property in the Toluca Lake neighborhood of North Hollywood, a 9,300-square-foot retail center in Los Angeles and a 141,166-square-foot lot in Glendale that has been zoned for residential use.
The loan will enable the borrower to complete construction on the multifamily property, which is expected to occur within a two- to three-month timeframe.
“While construction on the multifamily project is substantially complete, the borrower in this transaction needed additional time and funding to realize their full vision for the project,” said Brian Good, CEO of iBorrow.“The iBorrow team was able to move quickly to provide a refinancing package that met the borrower’s needs for this portfolio of properties.”
- ◦Financing
