Forest Park GA

iBorrow Provides $6.0 Million Acquisition and Rehab Loan for Multifamily Property in Forest Park, Georgia

iBorrow, a nationwide private direct lender for commercial real estate has provided an $6.0 million acquisition and rehab loan secured by a 104-unit multifamily property in Forest Park, Georgia.  The borrower will use the proceeds of the iBorrow to loan finance the acquisition and make certain upgrades to the property.

With an estimated 2019 population of 506,811, the Atlanta metropolitan area is the hub and capital of the state of Georgia with a gross domestic product (GDP) of $385 billion. This City is powered by a diverse set of industries including aerospace, transportation, logistics, professional and business services, media operations, medical services, and information technology; and home to more than 30 colleges and universities.

According to Brian Good, iBorrow CEO, “This loan and business plan fit well within our flexible bridge structure. The  Atlanta multifamily market and the submarket in which the property are located are strong and continue to perform well even under current conditions. In addition, the sponsorship team is experienced and has successfully executed on similar business plans.  Our pipeline is active, and we are finding attractive lending situations during the COVID-19 pandemic, to assist the numerous borrowers seeking capital.”