Los Angeles, CA — iBorrow has provided a $12 million loan to refinance a property that will house a full-service independent living, assisted living, and memory care facility, as well as an underground parking structure.
The 154,168 square foot property is expected to have state-of-the-art construction and a lasting design. The facility will be located near the intersection of La Cienega and Olympic Boulevard in West Los Angeles, adjacent to Beverly Hills, where there is a shortage of senior and assisted living housing, making the property’s appeal to the market strong.
“This property is a valuable asset as it addresses a great need in the West LA community,” says iBorrow CEO Brian Good. “With an increasing demand for this service, we felt comfortable working with the property’s investors to make the loan happen.”
The loan will allow the borrower to refinance their existing loan and move forward with their U.S. Department of Housing and Urban Development construction loan application. The borrower has been involved in the entitlement of the property for the last nine years.