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LAWNDALE AND OCEANSIDE, CALIF. — iBorrow has provided a $17.4 million refinancing for two multifamily communities.
The properties include a 76 percent-leased, 50-unit asset in Lawndale and a fully vacant, 18-unit property in Oceanside. Both assets are currently undergoing renovations.
The bridge loan will be used to refinance the undisclosed borrower’s existing debt, while also providing the additional proceeds needed to complete full unit renovations, implement capital expenditures and lease up the property to stabilization.