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| Brian Good |
Toledo, OH– iBorrow, a nationwide private direct lender for commercial real estate, 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.
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| Stellantis manufacturing facility |
“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.”
Contact:
Chris Clemens
(949) 520-6714
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