iBorrow, a nationwide private direct lender for commercial real estate, has provided a $6 million loan for a two-story, 41,989-square-foot office building in Houston, Texas, located in Midtown Arts District area at 1512 Center Street North. Once renovations are complete, the property will consist of 50 open co-working spaces, 20 dedicated desks, 134 private offices and 40 parking spaces. Adjacent to the Washington Avenue Corridor, the property is in close proximity to a vibrant restaurant, retail and creative office corridor.
“With the growing trend toward open, co-working office spaces in the workplace, especially among smaller companies that prefer to offer a more collaborative working environment, our structured loan will allow the borrower to begin an extensive renovation to convert the property into a highly sought after space,” said iBorrow CEO, Brian Good. “Additionally, by the time the construction is complete, the loan will be reduced to 53.57% of the property’s projected value, providing a greater equity cushion over the life of the loan.”