iBorrow, a nationwide private direct lender for commercial real estate, announced the closing of a $9.2 million loan to refinance a portfolio of three properties in the Los Angeles area, including a mid-construction 14-unit multifamily property, a 9,300 square foot retail center and a 141,166 square foot lot of land that has been zoned for residential use. The transaction 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,” says Brian Good, CEO of iBorrow. “With our focus on rapid due diligence and underwriting, along with the creativity we bring in offering carefully tailored financing solutions, the iBorrow team was able to move quickly to provide a refinancing package that met the borrower’s needs for this portfolio of properties.”
The multifamily property is located in the Toluca Lake neighborhood of North Hollywood, in an area with a submarket-level vacancy rate of 4.6% for multifamily properties, according to CoStar. The strip retail center, located in Los Angeles, is 100% occupied and features attractive regional freeway access. The lot of land sits on a hillside in a residential neighborhood in Glendale, with a primary expected use as a single-family residence.
“This transaction demonstrates again how important it is in the current financing environment to work with a lender that can offer flexible, fine-tuned solutions, rather than off-the-shelf or ‘one-size-fits-all’ approaches that don’t account for the full range of complexity that borrowers encounter,” says Good. “In this case, we expect the multifamily project to be completed in a relatively short timeframe, so we structured the loan with very flexible prepayment provisions.
