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iBorrow Closes on Loan for Milwaukee Light Industrial
iBorrow, a nationwide private direct lender for commercial real estate, has closed on a $15.1-million loan secured by a 499,759 square-foot light industrial manufacturing property in Milwaukee. The borrower specializes in industrial property with a strong track record of stabilizing and operating assets across the U.S.
“We are witnessing a national shift in lender behavior,” says Brian Good, CEO of iBorrow. “The banking industry has endured multiple shocks causing significant disruption. As traditional lenders reduce their volume of lending, private lenders like iBorrow are more relevant and well-positioned to fill the funding gap.”
In this case, iBorrow provided the original loan in the property in January 2021, and was able to refinance in time to allow the owner to sell a portion of the property.
Built in 1950 and renovated in 2020, the 27.24-acre industrial property is comprised of five industrial buildings occupied by eight tenants.
- ◦Financing
