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iBorrow Provides $9.3 Million Loan for Renovation of High-End Assisted Living Facility in Long Beach

LOS ANGELES — iBorrow, a private commercial real estate lender, has provided a $9.3
million loan to complete the renovation of a 64,090 square foot property, which will
operate as a high-end assisted living facility when completed. Originally built in 1929, the
property will encompass 56 rooms, 82 beds, a rooftop garden, retail amenities and
ocean views. The property is located just half a mile from St. Mary’s Medical Center –
Dignity Health, a 415-bed hospital.

Brian Good, CEO of iBorrow, said, “We have provided several loans against senior living
facilities – for the deals we do, we look for ones with favorable cash flow dynamics and
we look to back proven operators with a track record of success. In this case, the
borrower’s operator also successfully provides for the care of thousands of senior
residents in roughly 75 senior care facilities nationwide.”

“The challenges in providing this loan were to be creative in structuring a mechanism for
a partial release of collateral at closing and to close the loan within a short timeframe in
order for the borrower to realize approximately $1 million in revenue before the
expiration date of an option for the sale of a surface parking lot. Because the property is
a historic building, there were a few extra steps required to help the borrower receive a
tax credit for a portion of the renovation costs,” Good added. “The desirable location of
the facility in downtown Long Beach was also a plus – the pace of the redevelopment of
downtown Long Beach, an area which is more affordable than downtown Los Angeles
but is rapidly increasing in value, made this a very attractive transaction for us.”

This loan was originated in-house at iBorrow by Will McCabe.

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