Baric Commons

iBorrow Provides $6.88 Million Acquisition Loan for Multi-Family Development in Chicago, Illinois

 iBorrow, a nationwide private direct lender for commercial real estate, has provided a $6.88 million loan secured by a 143-unit, 138,472 square foot multi-family development in Chicago, Illinois (the “Property”).  The borrower will use a portion of the loan proceeds to complete necessary renovations to the Property and enhance its appeal and value.

With a population of approximately 9.7 million, Chicago is the 3rd most populous MSA in the U.S., trailing only New York and Los Angeles. The metro Chicago economy benefits from its central location in the United States and its highly diversified array of industries, driven primarily by the finance, insurance, printing and publishing, manufacturing, and food processing industries. Over 400 major corporations are headquartered in the Chicago metro region. 


Brian Good, iBorrow CEO, said, “We have targeted Chicago and the Midwest as an ideal stable market for our expanding loan program. During the pandemic we have continued to lend money to worthwhile projects nationwide, such as this one.  The borrower presented a very specific business plan with a need for flexible capital that we were able to execute against. We are looking forward to completing many more projects like this in the near future.”