LOS ANGELES— iBorrow, a nationwide private direct lender for commercial real estate, has provided an $18.2 million loan secured by two multifamily apartment complexes totaling 458 units in the rapidly developing neighborhood of Huntsville, Alabama. The borrower will use the proceeds of this loan for upgrades to the properties.
The properties are located adjacent to the University of Alabama, Huntsville campus and, given their low price point, are ideal for either student or work force housing. NASA and the U.S. Army’s Redstone Arsenal have a significant market presence and are the primary driver of local area employment and economic growth.
Brian Good, iBorrow CEO, said, “These two apartment communities are well located within Huntsville, making them strong choices for both university students and the local workforce, where limited housing choices exist. Also, the borrower has the necessary experience to execute this plan having had done so previously on several prior deals.”