LOS ANGELES— iBorrow, a nationwide private direct lender for commercial real estate, has provided a $7 million acquisition loan for a 152,428 square feet retail property in Aurora, Colorado. The property sits on 12.91 acres and is in one of Denver’s fastest growing submarkets.
The borrower will use the proceeds of this loan to purchase and re-position the property starting with a new anchor tenant. In addition, the borrower plans to develop the property into an experiential retail center, with various local vendors operating in an open-air market space, catering to the large and growing Hispanic community in the Aurora area. Within a 3-mile radius of the property, 46% of the population is Hispanic.
Brian Good, iBorrow CEO, said, “The borrower has a strong development track record, including successfully implementing this business concept in the Atlanta market. We believe that Aurora’s demographics support this project and believe the strong anchor tenant and existing cash flow already secured by the borrower justifies our confidence. We are excited to support this project and believe this project provides significant value to the Hispanic marketplace.”