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LOS ANGELES — iBorrow, a private direct lender for commercial and multifamily real estate, has provided a $6 million loan for Golden Cross Health Care, a skilled nursing facility in the Pasadena submarket of Los Angeles.
Originally constructed in 1965 and since remodeled, the facility sits on approximately one acre of land. The asset features 42 units and 96 beds, and is 97 percent occupied.
The loan will refinance existing debt, with plans to approach HUD for a permanent loan in the future.