iBorrow Provides $6 Million Loan to Pasadena Skilled Nursing Facility

iBorrow, a private direct lender for commercial and multi-family real estate, has provided a $6 million loan for an owner-operated, two-story skilled nursing facility situated in one of the oldest parts of Los Angeles, Pasadena, at 1450 N Fair Oaks Ave. Originally constructed in 1965 and since remodeled, the nursing facility sits on approximately one acre of land and features 42 units and 96 beds, and is currently 97% occupied. “The property is successful, with occupancy levels consistently above 95% since the borrower purchased it more than 20 years ago,” said iBorrow CEO Brian Good.