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Dealmaker: iBorrow Provides $46.5M Refinancing for Industrial Portfolio
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(One of the properties in the portfolio, image courtesy of iBorrow)
iBorrow, Los Angeles, closed a $46.5 million refinancing of a six-property industrial portfolio owned by an institutional fund.
The properties, totaling more than 2 million square feet, are in New York, South Carolina, Alabama and California.
They collectively have an occupancy of 91.2%, and feature a diverse mix of 15 tenants with a favorable rollover schedule. They also have a weighted average lease term of 5.18 years.
The transaction was completed in conjunction with Riley Manke and Andrew Westling of Walker & Dunlop, Bethesda, Md.
“One unique aspect of this transaction is a structure that includes release provisions, enabling the sponsor to comfortably exit each property, while supporting a successful full-cycle execution of the portfolio business plan,” said Brian Good, Managing Partner of iBorrow.