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Texas  + Austin  + Finance  | 

iBorrow Provides Financing For Acquisition & Renovation of Office in Austin, TX

iBorrow, a nationwide private direct lender for commercial real estate, has provided a $13.9 million loan to support the acquisition and value-add renovation of a three-story, 86,910 square-foot office building situated on a 3.66-acre site in Austin, Texas.

“Our financing assists the borrower in acquiring and implementing a $7 million capital improvement plan at the property,” said iBorrow CEO Brian Good. “Based on the sponsor’s deep experience in the robust Austin market, we are confident that the strategic upgrades to the interior and exterior of the office property, which has not been renovated since 2011, will lead to significant value creation upon lease up.”

The building is currently 100% leased with a maturity date of September 30, 2022. The property, situated adjacent to State Route 183 and Interstate 35, is located at 1200 East Anderson Lane in Austin, Texas.

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About Erik Hamilton

Erik Hamilton, who has more than 15 years in CRE journalism, is a former staff writer with the Los Angeles Times and the Orange County Business Journal. In addition to The Times and the OCBJ, he was also a reporter and editor for Crittenden Research, The San Bernardino Sun and UPI. Erik also worked six years in CRE public relations with Los Angeles-based Hoyt Organization, where he was a Senior Account Executive. He later joined Lee & Associates where he served as the Director of Corporate Communications. There ,in addition to his work with Lee’s CEO, he managed 57 offices nationwide and provided PR, social media and media training for the offices. A graduate of UC Irvine, with a BA in history, he is an avid record collector where he continues to search for a rare Joy Division single.

  • ◦Financing
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