Los Angeles, CA— iBorrow, a private direct lender for commercial real estate, has provided a $1.7 million loan for a Sahara Avenue office building located roughly two miles from the Las Vegas Strip, currently known as the Milan Business Center. The address is 1785 East Sahara Ave.
The borrower intends to make cosmetic upgrades to the office space, reposition the property and re-tenant it at market rates higher than what tenants are currently paying. The Sahara property is centrally located within three miles of the Las Vegas Strip and Downtown Las Vegas.
“We loved the business plan we were presented with and feel this property has huge potential once the remodel is completed and occupancy is improved,” said iBorrow CEO Brian Good. “The borrower is a well-known, sophisticated investor in the Las Vegas real estate community, and given the prime location, we are confident that he will execute timely.”
iBorrow was able to meet borrower’s short time frame and fund before the end of the year without issue. Most other lender’s had balked at funding during the holidays.
The borrower is a skilled real estate investor and broker who owns and actively manages a large portfolio of commercial properties, and is actively involved in the Las Vegas community, serving as a key member in numerous non-profits.