The densely populated Central Los Angeles neighborhood of Echo Park has become increasingly sought-after for its diverse population, history, restaurants and retail. For the commercial real estate industry, Echo Park’s increasing popularity has not gone unnoticed.
Los Angeles Business Journal turned to iBorrow CEO, Brian Good, for an interview shortly after backing a $3.7 million loan to refinance a mixed-use property in the up-and-coming neighborhood. “Echo Park and Silver Lake really remind me of where Venice was at 10 years ago,” said Mr. Good. “When Santa Monica got too expensive, people started moving to Venice. Now, Venice is probably one of the hottest parts of LA,” he added.
Echo Park is benefitting from a flood of people gravitating from surrounding areas seeking less expensive housing.