LOS ANGELES— As published by RenTV, San Fernando Valley Business Journal, REBusiness Online and SeniorHousingBusiness.com, iBorrow has provided a $12.5 million loan secured by a 59,650-square-foot facility located in Oxnard, California (“Property”). The Property was originally built in 1960 and is currently undergoing extensive renovations that are expected to be completed in 2018. The building is sited on 2.36 acres of land and consists of 102 units with 128 beds.
When completed, the Property will be managed by Meridian Senior Living, the nation’s 5th largest operator of senior living properties. The borrower, Global Premier Development (GPD) has invested approximately $10 million into the property and plans on making additional investments.
“This is the latest in a number of loans we have arranged for senior living facilities. We were able to carefully structure a loan to meet the specialized needs of borrower and the Property in a quick period of time. We like the property type but firmly believe the key to success is the quality of the operator,” said iBorrow CEO Brian Good. “We are confident that the team of Global Premier Development and Meridian is a good one, and that Oxnard will be a successful, high quality, affordable assisted living facility.”
Oxnard is located in Ventura County and is part of the Oxnard-Thousand Oaks-Ventura metropolitan area. In the past few years, Oxnard has experienced strong economic growth especially in the education, healthcare, leisure and hospitality sectors.