Los Angeles, CA— iBorrow has provided a $2.275 million acquisition loan for the purchase of an 8,200 square foot, single story office building located in Irvine. The building is located in an already up-and-running development called Irvine Business Complex.
The current tenant has occupied the building for over 15 years and has over 80 locations nationwide. The subject property also sits adjacent to several other large well-tenanted office buildings and hotels, including Oracle’s Orange County headquarters.
“The borrower needed to move quickly in order to capitalize on the purchase opportunity,” said iBorrow CEO Brian Good. “We were able to perform diligence, and structure and fund a loan quickly with a built-in 6 month interest reserve, allowing the borrower to negotiate a new lease at market rates.”
The borrower, who has owned the office building abutting the subject property for over 10 years, was given the first right to purchase the subject property due to his relationship with the previous owner. The borrower now owns the entire corner site, with flexible grandfathered zoning and entitlements along with current income, making it ripe for future development. The loan was originated by Lucas Allen.