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iBorrow Provides $15.65M to Refinance Cold Storage Facility
iBorrow, a nationwide private direct lender for commercial real estate, closed a $15.65 million loan to refinance a 238,575-square-foot cold-storage industrial facility in Taylor, Michigan.
The borrower is a best-in-class national industrial real estate firm that specializes in the acquisition, repurposing and management of manufacturing and distribution facilities across the United States.
The borrower acquired the property in 2021 at a significantly lower occupancy level and made substantial improvements, allowing it to achieve the property’s current 100% occupancy level. In addition to recapitalizing the facility’s current financing structure, the transaction with iBorrow will also allow the borrower to make further improvements to the property.
“With our strong financing capabilities and consistent risk management practices, iBorrow is well-positioned to serve as a reliable source of funding for borrowers at multiple stages throughout their respective investment cycles,” says Brian Good, CEO of iBorrow.
