LOS ANGELES — iBorrow, a private direct lender for commercial and multi-family real estate, has provided an $8.9 million loan for a two-story, 88,450 square-foot office building at 3000 Pacific Avenue South in Olympia, Washington. Built in 1987 and renovated in 2001, the property sits on more than four acres of land and is currently 74% occupied.
The borrower, OB Investors, which has owned the property for over 10 years, has initiated a plan to re-lease the vacant space and take advantage of the solid market.
“The borrower needed a new loan to enable it to continue its leasing efforts before marketing it for sale. The property is located in an inventory-constrained market and is appealing to both government and non-government tenants,” said iBorrow CEO, Brian Good. “Given the contingencies and fast-approaching loan maturity, iBorrow had to work quickly to structure a loan to pay off existing debt on the property, and to fund potential lease renewals and other capital improvements.”
Olympia office demand is primarily driven by state and county government needs, including strong on-going demand from local area fire and medical office tenants. The property location is also ideal for government agencies that desire proximity to the Washington State Capital Building.
OB Investors is a partnership between Larry Mattal and the Trust of Howard and Marjorie Gardner. The partnership has successfully invested in real estate of this kind for more than 40 years.