Detroit Metro, MI – iBorrow, a nationwide private direct lender for commercial real estate, today announced the closing of a $15.65 million loan to refinance a 238,575 square foot cold-storage industrial facility in Taylor, Michigan. The borrower is a best-in-class national industrial real estate firm that specializes in the acquisition, repurposing and management of manufacturing and distribution facilities across the United States.
“With our strong financing capabilities and consistent risk management practices, iBorrow is well-positioned to serve as a reliable source of funding for borrowers at multiple stages throughout their respective investment cycles,” says Brian Good, CEO of iBorrow. “The borrower in this transaction has made significant investments in stabilizing the asset and bringing it to full occupancy, consistent with their experience and track record. We were pleased to partner with them, given their expertise and the attractive dynamics of the cold storage property class, which consistently demonstrates low vacancy rates. We are committed to filling the funding gap for commercial real estate investors and enabling them to achieve their business goals, despite the challenging lending environment.”
The cold storage facility features 27’ clear heights, 25 dock doors, and two drive-in doors, along with 100 car parking spaces, 40 trailer spaces, and a new concrete parking lot. The property’s proximity to the Norfolk Southern Rail Service and the Detroit Metro Airport, combined with frontage along 1-94, make it an attractive location for a wide range of occupants.
The borrower acquired the property in 2021 at a significantly lower occupancy level and made substantial improvements, allowing it to achieve the property’s current 100% occupancy level. In addition to recapitalizing the facility’s current financing structure, the transaction with iBorrow will also allow the borrower to make further improvements to the property.
“With banks and other funding sources continuing to pull back, borrowers are becoming even more focused on working with private lenders that can conduct their diligence and underwriting processes quickly in order to provide flexible and expedient financing solutions,” concludes Good. “iBorrow stands ready to fulfill that demand and further strengthen our relationships with repeat borrowers and investors.”