LOS ANGELES — iBorrow, a private direct lender for commercial and multi-family real estate, has provided a $17 million loan (originated in-house by Will McCabe), for the borrower’s two-story, 125,849-square-foot flex/R&D building and an adjacent two-story 20,916-square-foot office building located in Gardena, California.
“iBorrow’s structured loan will enable the borrower to support its business objectives to develop and soon initiate production on a line of intelligent, next generation technology. We like this loan because of the significant land value and the limited supply of industrial and R&D inventory in the Gardena market,” said iBorrow CEO, Brian Good. “The property is well-located in terms of transportation access and is in close proximity to Tesla/SpaceX and OSI Systems; the land is zone M2, which brings the highest and best use of this building. The borrower also has a very substantial balance sheet, due to recent equity infusion and currently owns the property free and clear.”
The South Bay area is associated with a history of innovation and manufacturing, historically known as the hub of the local aerospace and defense industries. Industrial users are drawn to the South Bay area due to its ready access transportation infrastructure, with multiple freeways and the Port of Long Beach.