iBorrow, a nationwide private direct lender for commercial real estate, has provided a $5.6 million loan to refinance a four-story, 9,580-square-foot flex building located at 131 Franklin Street in San Francisco, California. The property, which is situated on a 2,395 square foot lot in the trendy Hayes Valley neighborhood, is in close proximity to numerous high tech firms, City Hall, performing arts venues, freeways and public transportation. The property is located less than two blocks from “The Hub,” now called SoMa West, which features multiple high-rise, newly constructed multifamily buildings.
“Our structured loan will enable the borrower to pay off their existing debt and enable the borrower to lease up the building,” said iBorrow CEO, Brian Good. “With the high demand for office space in this area, the vacant property is expected to lease quickly. We were able to move quickly and provide a structured solution which fit the borrower’s needs. We remain bullish on the Bay Area for long term growth.”