iBorrow, a nationwide private direct lender for commercial real estate, has provided a $3.3 million loan secured by a 72-unit multifamily property in Chicago, IL. The borrower will use the loan proceeds to refinance an existing loan.
According to Brian Good, iBorrow CEO, “We liked the location of this property and its use in Champaign, given its proximity to the University of Illinois at Urbana–Champaign (along with its sister city, Urbana), which serves about 18,000 students during the academic year. The property is a good fit for the neighborhood and has been well managed. We are happy we could meet the borrower’s specific needs on a timely basis. We look forward to closing many deals like this during the fourth quarter.”