Santa Clarita Retail Center Secures $15M Refi Loan

Private commercial real estate lender iBorrow has provided a $15 million loan to refinance the Old Orchard Shopping Center in Santa Clarita, CA. The proceeds of the refinancing will retire an outstanding CMBS loan and provide for future tenant improvements and leasing commissions.

“The Old Orchard Shopping Center, with its strong anchor tenant, over 100,000 leasable square feet and large parking lot, represents the kind of opportunities iBorrow finds attractive,” said the firm’s CEO Brian Good. “Commercial strip-mall style properties in densely populated suburban areas like Santa Clarita are continuing to rebound well post-COVID.”

According to Good, the current rising interest rate environment presents an ideal time for borrowers to seek out alternative lending sources. Fast closing and advantageous pre-payment terms from non-bank bridge lenders like iBorrow means commercial property investors can secure the funding to refinance, and then wait for rates to drop before securing long-term lending.