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iBorrow Provides $6.1 Million Loan for Office Building in Spokane

LOS ANGELES — iBorrow, a nationwide private direct lender for commercial real estate, has provided a $6.1 million loan for a three-story, 76,814-square-foot office building in Spokane, Washington. The property, located at 901 North Monroe Street, is one of the only available properties that meet the location and space requirements for local government tenants. Spokane office demand is primarily driven by city, county and state government needs, including strong on-going demand from local area FIRE and medical office tenants.

“The borrower is positioning the building to meet the demand in the local market for office space that is suitable for government and non-profit institutions. With 67% current occupancy, the property has strong in-place cash flow and has had steady leasing traction over the last several months. Our structured loan will enable the borrower to pay the costs related to obtaining new leases and for existing tenant improvements and upgrades.” said iBorrow CEO, Brian Good.

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