iBorrow has provided an acquisition loan on an apartment complex located in Santa Clarita, California. The 26,474-square-foot lot includes a total of sixteen two-bedroom and one-bathroom units. The property includes four 2-car parking garages and 24 additional surface parking spaces.
The property is not subject to rent control laws, lending itself to the type of rehab contemplated by the borrower. Based on the area, the lease rates for the property are currently below market value.
Downtown Newhall, a community of Santa Clarita, is within walking distance of the property and located within the 20-block “Revitalization Zone” which will be served by the MetroLink commuter rail.
The borrower has engaged in numerous transactions with iBorrow and is a real estate professional who has purchased more than 20 commercial real estate properties throughout the southwestern United States.