iBorrow, a nationwide private direct lender for commercial real estate, has provided a $10.75 million loan secured by a 6-unit, 17,702 square foot condominium development in West Palm Beach, Florida (the “Property”). The development is 75% complete and is expected to be completed within 4 to 6 months. The Borrower will use the proceeds of the iBorrow loan to pay off existing loans, pay for completed work, and provide the capital necessary to complete the project.
West Palm Beach is a prominent South Florida city with a very robust residential real estate market. Located adjacent to Palm Beach, one of the most affluent areas in the country, West Palm Beach boasts a downtown area rich with restaurants, nightclubs, bars and shops. West Palm Beach is also home to the Norton Museum of Art and the Kravis Center for the Performing Arts.
Brian Good, iBorrow CEO, said, “The residential market in West Palm Beach is extremely strong, and this Property is well poised to capitalize on market demand once construction is completed. Borrower has assembled a strong team and continues to execute their business plan. We are excited to launch our lending program in Florida with this loan to an exceptional borrower on a stellar project.”