LOS ANGELES— iBorrow, a nationwide private direct lender for commercial real estate, has provided a $24 million loan for the largest assemblage of contiguous undeveloped lots in the South Park area of Downtown Los Angeles, just blocks from the Staples Center and the Los Angeles Convention Center. The borrower plans to use the proceeds of the iBorrow loan to pay off the existing loans and to create a path to finishing the entitlements and permitting process before development. The borrower intends to develop a high-end mixed use entertainment, hotel and residential project.
As a part of its objective to develop the Downtown Los Angeles area, the City of Los Angeles has approved approximately $2 billion for the redevelopment and expansion of the Los Angeles Convention Center, and the borrower’s development is designed to meet the expected increase in business activity and influx of tourism and expected increase in housing demand in the area.
“The borrower has developed several of the most notable and successful hospitality and lifestyle projects in Los Angeles,” said Brian Good, iBorrow CEO. “Our structured loan will enable the borrower to pay off an existing mortgage and move them forward with a project that is of great need near the convention center. The Downtown Los Angeles area needs more developments like this and we are happy to help the borrower move their project forward.”
Good also noted that Downtown Los Angeles has experienced a tremendous shift in housing development over the past decade. “What was once exclusively a city with office and industrial spaces is now home to more than 71,000 permanent residents. With several significant events planned over the next 10 years in Los Angeles, we believe this project will greatly add to the overall experience in the area.” he said.