Toledo, OH – iBorrow, a nationwide private direct lender for commercial real estate, today announced the closing of a $12.7 million loan to finance the sale-leaseback of a 208,968 square foot warehousing and distribution facility in Toledo, OH. The facility was previously owned by a subsidiary of Stellantis, the multinational manufacturer of leading automotive brands including Jeep, Chrysler and Dodge. To facilitate the transaction, 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 pullback of regional and community banks from lending in the commercial real estate space has continued to accelerate in recent months, making it difficult for even strong borrowers to obtain financing for critical transactions,” says Brian Good, CEO of iBorrow. “In this transaction, which involved unique structuring considerations to facilitate the sale-leaseback of the facility, the borrower knew they needed a creative partner with experience in developing flexible funding options. With our depth of expertise and rapid underwriting process, we were able to provide them with a customized financing package that met their needs on an expedited timeline.”
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% leased and located in a very strong industrial submarket with a ~ 4.1% vacancy rate and positive net absorption.
The borrower is an experienced owner and operator of industrial real estate properties nationwide, and has a longstanding relationship as a repeat client of iBorrow.
“As this announcement demonstrates, private direct lenders like iBorrow are playing an increasingly central role in facilitating complex transactions that are critical for both borrowers and large manufacturers across the country,” concludes Mr. Good. “iBorrow will continue to seek out opportunities to proactively deploy our capital to help borrowers and investors successfully execute their business plans while fueling our own continued growth and profitability.”