iBorrow Closes Refi of Four-State Industrial Portfolio
Los Angeles-based iBorrow closed a $46.58-million refinancing of a 2,166,600-square-foot, six-property industrial portfolio owned by an institutional fund with more than $1.5 billion in commercial real estate assets. The properties in the collateral pool are located across New York, South Carolina, Alabama and California, and average 91.2% occupancy.
“Conditions in the commercial real estate market have changed dramatically in the past 18 months, as a result of which private direct lending is an increasingly important option for borrowers facing loan maturities,” said Brian Good, managing partner of iBorrow, who also noted that $2 trillion of CRE debt is expected to mature in the next two years.
“The borrower on this transaction is sophisticated, has a strong track record and needed a relatively quick and flexible funding solution”, explained Good. “One unique aspect of this transaction is a structure that includes release provisions, enabling the sponsor to comfortably exit each property, while supporting a successful full-cycle execution of the portfolio business plan.”
The transaction was completed in conjunction with Walker & Dunlop’s Riley Manke and Andrew Westling.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).