iBorrow, a nationwide private direct lender for commercial real estate, has provided a $14 million loan secured by a 50,000 square foot flex space in Hawthorne, California (the “Property”). The loan proceeds will be used to refinance an existing loan.
Brian Good, iBorrow CEO, said, “We think Los Angeles, and in particular the Hawthorne market, is one of the strongest in terms of density, rent growth, and diversity of tenants. The borrower has successfully converted an outdated industrial facility into a new vibrant creative office space. The property is stable and will benefit greatly from the increasingly tight supply of industrial space in the submarket and lack of developable land. We were able to meet the borrowers needs and quickly diligence and fund this transaction. We are confident the borrower team will complete their business plan during the term of our loan.”