LOS ANGELES— iBorrow, a nationwide private direct lender for commercial real estate, has provided a $12 million loan secured by a new 56-unit, 72-bed memory care facility located in Chandler, Arizona. Chandler boasts strong population growth and a large tech industry presence including Intel and Orbital Science Corporation. The Borrower will use the loan proceeds to refinance an existing SBA loan of $9.1 million.
“Chandler is an ideal location for a memory care facility, as there is an established and significant demand for memory care services and a relative shortage of beds in the market,” said iBorrow CEO, Brian Good. “Our loan will enable the borrower to pay off a maturing SBA loan and lease up the facility until the point of stabilization and, more importantly, assist the borrower in providing a necessary facility for the local community. We believe in the strength of the market and this asset.”