SANTA CLARITA, CA – iBorrow, a nationwide private direct lender for commercial real estate, has provided a $15 million loan to refinance the Old Orchard Shopping Center, a 100,000 square-foot strip center located in Santa Clarita, California. The proceeds of the refinancing will retire an outstanding CMBS loan, and provide for a reserve for tenant improvements and leasing commissions for newly leased suites.
“The Old Orchard Shopping Center, with its strong anchor tenant, over 100,000 leasable square feet, and large parking lot on a busy thoroughfare, represents the kind of opportunities iBorrow finds attractive,” says Brian Good, CEO of iBorrow. “Commercial strip-mall style properties in densely populated suburban neighborhoods like Santa Clarita are continuing to rebound well post-COVID. This property’s unique mix of grocery, fast food and niche tenants should provide resilience even during an economic downturn.”
The current rising interest rate environment presents an ideal time for borrowers to seek out alternative lending sources. Fast closings and advantageous pre-payment terms from non-bank bridge lenders like iBorrow means commercial property investors can secure the funding they need to close or refinance assets and then wait for rates to drop before securing long-term lending, adds Good.
“The last thing an entrepreneurial real estate investor needs right now is a long, slow funding process from a traditional lender. In a rising interest rate world, seizing opportunities to purchase well-located assets or refinance existing properties requires a true funding partner that looks holistically at the deal, not just at the investor’s credit report,” says Good.
Old Orchard Shopping Center is located at 23329-23449 Lyons Ave, in Santa Clarita, California.