iBorrow has provided a $16.5 million loan cross-collateralized by two separate assisted living facilities in Tarzana, California and Orange County, California, respectively. The first property, is an 88-unit, 50,054-square-foot facility and the second property is an 81-unit, 40,207-square-foot facility. Both properties were built in 1974 and were recently renovated in 2016. They are both private pay and offer a continuum of care services to the residents.
“The properties are in terrific locations and have had a history of steady cash flow,” said iBorrow CEO Brian Good. “The challenge for the borrower was to find a lender that allowed management to act independently and provided flexibility with funding on a short term basis. The aging of the U.S. population augurs well for the growth in the demand for senior care facilities and we are committed to this space as a growing secular opportunity.”
The borrower is a local businessman whose experience is in the healthcare sector. He has had a successful career in developing structured finance products for high net worth individuals, closely held businesses and hedge funds.