LOS ANGELES — iBorrow, a leading nationwide private direct lender for commercial real estate, is providing an $8.8 million loan on a portfolio of three multifamily properties totaling 281 units and approximately 238,000 square feet in suburban Detroit, Michigan. Detroit and the surrounding areas are strengthening as evidenced by the vacancy rate which is 3.1%, the lowest in five years, growth in employment, which is contributing to increased demand for housing and higher median home prices.
“The portfolio of properties we are financing are located in dense, working class neighborhoods with high average occupancy levels and little or no crime. With limited supply of working class housing in the face of market growth, we’ve seen absorption of housing stock accelerate. This financing is as much about the portfolio of assets as it is about the market itself.” said iBorrow CEO Brian Good.