iBorrow Provides $13.5M Loan to 199-Bed Assisted Living Community in Anaheim

by Jeff Shaw

ANAHEIM, Calif. — iBorrow, a private direct lender for commercial real estate, has provided a $13.5 million loan to La Palma Royale, a 199-bed assisted living community in Anaheim.

The 73,641-square-foot, two-story community was built in 1974, and has been remodeled twice since then.

The borrower is the Azure Leisure Living, which plans to use the funds in addition to $8 million in equity to purchase the community. Azure started co-managing the property earlier this year and has improved occupancy rates up to the national average, according the iBorrow.

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