Done Deals: iBorrow provides financing for acquisitions and value-add repositionings of two vacant properties in New Jersey

Thursday, April 7, 2022

iBorrow provides financing for acquisitions and value-add repositionings of two vacant properties in New Jersey

Brian Good

MONTCLAIR, NJ and CLIFTON, NJ – iBorrow, a nationwide private direct lender for commercial real estate, recently provided financing to support the acquisitions and repositionings 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,” explains Good.

He notes that the state saw 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.”