LOS ANGELES — iBorrow, a private direct lender for commercial real estate, has provided a $2.1 million loan for the purchase of approximately 35,340 square feet of building space, allowing for the development of 60 student housing units and 3,000 square feet of retail space (the “Property”). Located in Seattle, Washington at 5253-5255 University Way NE, the Property is located in the densely populated University District, which is adjacent to the University of Washington.
“This loan posed a challenge due to the fact that the property will eventually be re-developed, so the pro-forma financial statement was unproven,” said iBorrow CEO Brian Good. “The greater Seattle area continues to grow and to perform as one of the strongest real estate markets in the country, thanks to the thriving local economy and the University of Washington’s prominence. The property has tremendous potential as a mixed-use development, and this, in conjunction with its location and the borrower’s depth of development experience, made this an attractive loan for iBorrow.”
The borrower has been an active developer in the greater Seattle market for more than 45 years, with past and current projects including residential, hotel, retail and mixed-use properties. The loan was originated by Mischa and Erich Guenther & Kenny Pugh of Glacier Real Estate Finance in Seattle, WA.