NoHo Self Storage

iBorrow Provides $11.97 Million Refinance Loan for Self-Storage Facility in North Hollywood, California

iBorrow, a nationwide private direct lender for commercial real estate, has provided a $11.97 million loan secured by a 521-unit, 35,599 square foot self-storage facility with an adjacent Starbucks coffee shop in North Hollywood, California (the “Property”).  The Borrower will use the proceeds of the iBorrow loan to refinance an existing loan and to build 566 additional units, adding 45,185 square feet of additional space.  

Brian Good, iBorrow CEO, said, “The Borrower is an experienced self-storage operator with 20 years of experience and a significant well-located portfolio. The existing storage space has been operating at capacity for some time. Our loan will allow the Borrower to develop the existing land into additional self-storage space, thereby meeting a growing market demand for self-storage units. We liked the location of the property and the business plan makes sense. We were happy to accommodate the Borrower through our distinct loan program. ”