The Beverly Crecent is a 35-room boutique hotel built in 1927 and situated on a .175-acre site in Beverly Hills, CA. Renovations of all common areas and guest rooms were completed in Q1 of 2014. The proceeds from iBorrow’s loans were used to pay off the existing 1st deed of trust of $6.5M. The remaining loan proceeds were used to pay property taxes and reimburse the sponsor for capital expenditures. Prior to obtaining iBorrow’s loan, the sponsor successfully completed $955,000 in renovations, increasing daily rate from $138/day to $156/day, and increasing occupancy from 88% to 93%.
Beverly Hills, California