The Vista Del Sol lies along a well-traveled in Culver City, CA, which is situated equidistant between Downtown Los Angeles and the Pacific Ocean. The facility contains 30 assisted living units and 50 skilled nursing beds. Because the property has been poorly managed, there is tremendous unrealized upside. iBorrow’s loan was secured by a first deed of trust on the facility. The proceeds from the loan were used to finance the acquisition of the property. The sponsor is an experienced healthcare executive and nursing facility operator, who has built a comprehensive assisted living facility management company. His strategy involves acquiring centers poor management and improving operations to increase financial performance. iBorrow’s exit will be a HUD loan, which the sponsor as successfully achieved on his other facilities. The application process should take 9-12 months, however in the event that it exceeds that period of time, the loan provides for one 12 month extension.
Culver City, California