New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
iBorrow Lends $8M on Two Northern NJ Properties
iBorrow recently provided a total of $7.9 million of financing to support the acquisitions and repositioning of two vacant properties totaling nearly 50,000 square feet, both located in Northern New Jersey.
The assets include a three-story, 19,952-square-foot property in Montclair, which was historically used as a self-storage facility, and a 28,178-square-foot industrial property in Clifton, according to Brian Good, CEO of iBorrow.
“These two projects reflect strong fundamentals of the New Jersey market that support the demand for upgraded properties spanning a range of sectors,” said Good, who notes that the state ssaw solid population growth over the past decade, especially within the northern counties where these properties are located. “Both of the assets will allow the borrowers to serve the needs of their respective submarkets through strategic conversions into new product types with sound and actionable business plans.”
- ◦Financing
