iBorrow, a nationwide private direct lender for commercial real estate, has provided a $9.35 million loan secured by a recently completed, 35,197 square foot co-living property, consisting of 60 individual units within 18 suites in Hollywood, California (the “Property”). The Borrower will use the proceeds of the iBorrow loan to pay off an existing loan and to recapitalize the Property.
Hollywood continues to be one of the most dynamic submarkets in the Los Angeles metro area. As the center of the entertainment industry, Hollywood is centrally located and is a desired neighborhood for young professionals. The Property benefits significantly from its location between Hollywood and Sunset Boulevards, in the heart of the Hollywood submarket.
Brian Good, iBorrow CEO, said, “We are seeing the co-living business model crop up more frequently, as developers continue to respond to renter demand. Hollywood is a perfect submarket for this asset type, as it appeals to the market demographic and is one of the few areas in Los Angeles with ready access to public transportation. We believe the demand for co-living facilities will increase and that Treehouse will become the preeminent co-living community in Los Angeles. Our lending program fits perfectly within the borrower’s business plan as they ramp up their leasing efforts. In this uncertain business cycle, we are happy to provide capital to worthwhile and thoughtful projects.”