iBorrow has provided a $3.7 million loan to refinance a mixed use property located in Echo Park, California. The property collateral includes storefront with a restaurant and bar tenant, multi-family house and an entitled parking lot, master leased to one tenant.
The entitled land fronts Sunset Boulevard, across the street from the restaurant, and adjacent to the multi-family unit. Borrower purchased the property several years ago and made major upgrades to it as part of a newly signed 10-year lease to The Lost Knight, which is an established pub/restaurant operator.
The borrower is a local real estate investor who has taken part in the extensive development of Echo Park over the past 5 years. “We felt comfortable making a loan on this property because of both the experience of the borrower and the up and coming location of the collateral. Our feeling is Echo Park will continue to grow its demographic base just as Silver Lake and Venice have. Sunset Boulevard collateral should hold up its value regardless of the economic cycle”, states Brian Good, CEO of iBorrow.
“As with all of our loans, we were able to assess the collateral and area very quickly, and move to funding within borrower’s tight timeline”. The loan was sourced by Lucas Allen, Director of Originations of iBorrow