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.