iBorrow, a nationwide private direct lender for commercial real estate, has provided a $12.65 million loan secured by a 219-room, 155,904 square foot hotel in Fort Worth, Texas (the “Property”). The Borrower is using the proceeds of this loan to refinance an existing loan and to fund the remaining costs of the property improvement plan to rebrand the hotel as a Holiday Inn & Suites. The Property is located approximately 8 miles South of downtown Fort Worth and is easily accessible from I-35W, connecting it to the entire interstate freeway system.
Brian Good, iBorrow CEO, said, “We like the location of this Property, as well the Borrower, who has over 40 years of experience developing, renovating and managing hospitality assets. Our loan will allow the Borrower to pay off existing debt on the Property and fund the rest of the PIP. We look forward to the successful future operations of this hotel.”