Los Angeles, CA— iBorrow, a direct lender of private money loans for commercial real estate, has provided an $8.8 million loan to refinance Shilo Portland Airport, a 200-room, full-service hotel located adjacent to the Portland International Airport. Situated 11 miles from downtown Portland and 10 miles from Vancouver, WA, the hotel encompasses two connected buildings, ample meeting space and a full-service restaurant and bar, totaling 177,325 square feet.
“Our decision to refinance the property was easy to make because of the borrower’s long and distinguished track record,” said iBorrow CEO Brian Good. “With little lead time, iBorrow was able to offer a quick, short term solution to our borrower’s financing needs during the busy year-end holiday season, a time when it is normally challenging to bring together the resources to initiate and close loans.”
With almost 50 properties, Shilo Inns is one of the largest privately owned and successfully operated hospitality companies in the country. Hospitality properties like Shilo Inns are much needed in the growing Portland market. Rates have risen significantly as the number of available rooms has not kept up with Portland’s growing population and increased tourism.
Further, Portland International Airport is one of the busiest airports in the U.S., serving 2.4 million people in the Portland metropolitan area. Revenue per available room has grown by eight to 10 percent in the last two years, making Portland the 23rd best hotel market in the country.
In addition to hotel properties, the borrower has owned and operated more than 900 apartment units, and is very active in the Portland community.