iBorrow, a Los Angeles-based commercial real estate lender, recently announced the successful closing of a $46.58 million refinancing deal for an institutional fund’s 2,166,600-square-foot industrial portfolio. The properties included in the collateral pool are located across New York, South Carolina, Alabama and California and maintain an impressive average occupancy rate of 91.2%.
According to Brian Good, managing partner at iBorrow and expert in private direct lending for CRE borrowers facing loan maturities: “The current state of the commercial real estate market has significantly shifted over the past year and a half. As such,” he continued,”private direct lending is becoming increasingly crucial as an option for borrowers.” In fact,”$2 trillion worth of CRE debt is set to mature within just two years.”
Good also noted that this particular borrower was highly experienced with a strong track record but required quick and flexible funding solutions – which iBorrow was able to provide through their unique structure that includes release provisions.
This transaction was completed alongside Walker & Dunlop’s Riley Manke and Andrew Westling.
The article titled “iBorrow Closes Refi of Four-State Industrial Portfolio” originally appeared on Connect CRE.
