iBorrow Arranges Financing on Manufacturing Facilities in Michigan and Indiana
iBorrow, a nationwide private direct lender for commercial real estate, has provided a $13.5-million loan collateralizing two fully leased single-tenant industrial properties, one in Alma, MI and a second in Munster, IN. The two manufacturing facilities total 301,000 square feet and are leased to reputable tenants in the automotive and heavy gauge industries.
According to iBorrow’s CEO Brian Good, the loan was structured to help the undisclosed borrower refinance $12 million in existing debt on the portfolio, as well as recapitalize the ownership structure by allowing the borrower to buy out an equity partner.
“While the sponsor had a fast-approaching hard deadline, iBorrow was able to quickly complete the underwriting process and close the loan in just three weeks,” said Good. “We ultimately provided a customized financing solution to meet the borrower’s tight timeline in a unique situation.”