LOS ANGELES— iBorrow, a nationwide private direct lender for commercial real estate, has provided a $3.2 million loan for a four-story, 240-key interior-corridor Travelodge Hotel, in Memphis, Tennessee. The Property was built in 1972 and includes a 5,000 SF conference space, restaurant with up to 325 seating capacity and a 35-seat bar. The borrower intends to use the proceeds of the loan primarily to acquire the hotel and for property upgrades.
The Property is 1.5 miles from the Memphis Airport, is directly accessible from the Airport exit and is within ½ mile and a 10-minute walk to many large logistics companies including UPS and FedEx. The Property draws the bulk of its customer base from the nearby pool of company employees located at or near the airport.
Brian Good, iBorrow CEO, said, “The borrower is currently operating the hotel and under his management the property has become solidly profitable with a strong outlook for future performance. We believe this hotel is well-located and priced to draw customers from among the numerous companies located nearby.”