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Chicago & Midwest  + Midwest  + Industrial  |  November 10, 2023
Jasmine Kilman
By: Jasmine Kilman

iBorrow Provides $12.7M for Sale-Leaseback of Ohio Industrial Facility

iBorrow, a nationwide private direct lender for commercial real estate, closed on a $12.7 million loan to finance the sale-leaseback of a 208,968-square-foot warehousing and distribution facility in Toledo, Ohio.

The facility was previously owned by a subsidiary of Stellantis, the multinational manufacturer of leading automotive brands including Jeep, Chrysler and Dodge. iBorrow customized the financing package to accommodate potential re-leasing activities, including a future funding component for light capex and other costs and incorporated the ability for the borrower to refinance with long-term debt in the future.

The industrial facility supports warehousing and logistics operations for a 3 million square foot Stellantis manufacturing facility, which is also located in Toledo. It features 34-foot clear heights, 102 truck doors, and roughly 292 parking spaces. The single-tenant facility is 100 percent leased and located in a strong industrial submarket with a 4.1 percent vacancy rate and positive net absorption.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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