Dealmaker: iBorrow Provides $17M for Two Apartment Properties

(Oceanside, Calif., multifamily property.)

iBorrow, Los Angeles, provided a $17.3 million refinance loan on two mid-renovation multifamily communities in southern California.

The borrower used the bridge loan to refinance existing debt, complete unit renovations and for lease-up expenses, said Brian Good, CEO of iBorrow.

“We were able to provide a loan that enabled the borrower to complete the renovations of two exceptionally well-located multifamily properties in southern California while preserving equity,” Good said. He noted the market has experienced rental rate increases approaching 20% since 2020.  

The properties included a 76% leased 50-unit, 44% renovated asset in Lawndale, Calif., and a vacant 18-unit property in Oceanside, Calif.

“Our client’s previous loan included two additional properties that did not have any release provisions structured, so two loans were required to refinance all four assets,” Good said. iBorrow closed its loan simultaneously with the loan for the two other properties.