iBorrow, a nationwide private direct lender for commercial real estate, has provided a $26.64 million loan secured by a 114-unit, 138-bed, 86,260 square feet assisted living and memory care facility in Federal Way, Washington (the “Property”). The Borrower will use the proceeds of the loan to refinance an existing loan, fund remaining construction costs and bridge the Property until it is leased up and able to secure a refinance loan with HUD.
Brian Good, iBorrow CEO, said, “The Property is located in an ideal location within the Seattle/Tacoma region and is nearing completion. We believe the Property offers unique features that will attract a wider resident base and drive occupancy. Our loan will allow the Borrower to pay off their existing construction loan.”