iBorrow provides $41.6 million to refinance portfolio of multifamily and residential properties in Palm Beach, FL, continuing its push into the Florida lending market

Andy Peltz

 Los Angeles, CA – iBorrow, a nationwide private direct lender for commercial real estate, has closed a $41.6 million loan to refinance a portfolio of five properties in Palm Beach, Florida, expanding its lending presence in the Florida market.

 The portfolio consists of two multifamily properties, a luxury single-family home and two additional single-family homes, totaling 32,636 square feet.

 “This $41.6 million refinancing in a highly desirable market provides a powerful demonstration of two of the key pillars of iBorrow’s value proposition: flexibility and speed,” says Andy Peltz, Co-Executive Chairman of iBorrow.

 “Our borrower needed to close quickly due to the upcoming maturity of the initial loan on the properties, while organizing the redevelopment of the other assets. 

"We were able to move expediently while structuring the loan with certain release provisions to allow the borrower to have flexibility in its future plans.”

Peltz adds: “Thanks to our strong partnerships with Oaktree Capital Management L.P., Encina Lender Finance and other funding sources and our consistent and rigorous risk management practices, iBorrow is very well-positioned in this market to step up and provide the financing solutions that CRE borrowers need."

CONTACT:

 Chris Clemens

The Smart Agency, Inc.

(949) 520-6714
cclemens@thesmartagency.com