A Los Angeles-based private direct lender for commercial real estate, iBorrow, recently provided a $1.7 million loan to a private group to acquire the Milan Business Center on Sahara Avenue.
The group, which invested in the foreclosed property at 1785 E. Sahara Ave., between Maryland Parkway and Burnham Avenue, engaged Virtus Commercial of Las Vegas to manage and lease the project and oversee the capital improvements.
The borrower intends to make cosmetic upgrades to the Class C office space built in 1979, reposition the property and re-tenant it at market rates higher than what tenants are currently paying, iBorrow said in a news release.
“The goal is to turn the asset into a Class B office center that benefits the community, especially the surrounding area, and will soon boast a high-occupancy percentage of tenants,” an iBorrow spokesman said.
“We loved the business plan we were presented with and feel this property has huge potential once the remodel is completed and occupancy is improved,” iBorrow CEO Brian Good said.