Much represented iBorrow, a private direct lender for commercial real estate, in several loan transactions during the first quarter of 2021. Highlights included an acquisition loan for industrial ghost kitchens, an increasingly popular option for restaurateurs looking to streamline operations. Much also worked with iBorrow on an acquisition loan for 15 Sonic Drive-In restaurants, a particularly challenging loan to close given the borrower's quick timeframe and the complexity of underwriting properties in multiple states.
Glenn Taxman, the head of Much's Newport Beach office, led the loan transactions alongside attorneys Michael Burstein and Jason LaBella and paralegal Ginny Reeder, all in the firm's Real Estate group.
"Our firm has worked with the iBorrow team for over eight years, and we continue to be impressed by its smart approach to lending in important and growing markets. iBorrow has an amazing understanding of the bridge financing marketplace, which enables it to act in a quick, smart, and decisive manner that allows its borrowers to be able to close transactions on expedited timeframes," said Taxman. "These transactions are simply the latest in a series of great opportunities."
In recent months, Much assisted iBorrow in closing loans totaling over $74 million, including:
- $6 million acquisition and rehab loan for multifamily property in Georgia
- $12.5 million acquisition loan for industrial ghost kitchen sites in California, Arizona, and Nevada
- $16.4 million refinance loan for flex industrial and office property in Wisconsin
- $27.7 million refinance loan for multifamily property in Washington
- $12 million acquisition loan for 15 Sonic Drive-In restaurants in Georgia and South Carolina
- Additional information is available on the iBorrow website.