iBorrow, a private direct lender for commercial and multi-family real estate, has provided a $6 million loan for an owner-operated, two-story skilled nursing facility situated in one of the oldest parts of Los Angeles, Pasadena, at 1450 N Fair Oaks Ave. Originally constructed in 1965 and since remodeled, the nursing facility sits on approximately one acre of land and features 42 units and 96 beds, and is currently 97% occupied.
“The property is successful, with occupancy levels consistently above 95% since the borrower purchased it more than 20 years ago,” said iBorrow CEO Brian Good. “The challenge for the borrower was to find a lender that could close quickly to refinance a loan which matured at the end of March, with no extension. Also, due to a recently settled partner dispute, the borrower needed time post-litigation to season the property before approaching HUD for a permanent take-out loan.”
The borrower, Golden Cross Health Care, offers a 24-hour licensed nursing care targeting the prevention or postponement of acute episodes of physical or mental illness, and encouraging patient independence to the extent of the patient’s ability. Golden Cross Health Care is certified for Medicare and Medi-Cal residents.
The property is surrounded by numerous residences and several healthcare facilities, including a local hospital and pharmacy.