• Home
  • Press
  • iBorrow Provides $13.5 Million Loan to Anaheim Assisted Living Facility

iBorrow Provides $13.5 Million Loan to Anaheim Assisted Living Facility

Los Angeles, CA— iBorrow, a private direct lender for commercial real estate, has provided a $13.5 million loan to La Palma Royale, a 73,641-square-foot, two-story, assisted living facility located at 525 W. La Palma Avenue in Anaheim.

Originally built in 1974, the property has been remodeled twice, and currently has 199 beds with significant expansion rights. The property is equipped to provide first class amenities, security and fully-staffed nursing to its elderly residents. The borrower has been actively managing the facility in recent months while it was under contract to purchase the property from the seller.

“The property was well-located for this type of use. Given the borrower’s proven track record and viable business plan, this was a deal we wanted to do. There is a shortage of real estate for assisted living – there simply aren’t enough beds to support the demand and the growth,” said iBorrow CEO Brian Good.

“Also supporting our decision was the fact that the borrower invested $8 million of new equity in connection with the acquisition, with little debt in any of their other properties. Also, the facility qualifies for the federally funded Assisted Living Waiver program—which provides additional income to the operator,” added Good. “Most lenders were afraid to underwrite the property due to its special use, but we created a loan structure that leaves us confident that the property will perform to its full potential and that investors are well protected.”

The borrower, Azure Leisure Living (“Azure”) acquires underperforming assisted living facilities and implements intensive management programs to improve operating performance. Azure started co-managing the property in 2016 and has since then increased the performance of the property. They also made financial improvements by increasing occupancy rates to national market averages.

Funding in as few as 14 days

iBorrow closes deals quickly and reliably within 2-4 weeks. Contact us to learn more or apply today!

Questions? Comments?

We’re here to help! Reach out to us with questions, support and opportunities.