Dealmaker: iBorrow Provides $15.6 Million for Atlanta Retail Center

(10930 Crabapple Road, Roswell, Ga.)

iBorrow, Los Angeles, provided a $15.6 million loan to support acquisition of a highly leased retail center in Roswell, Ga.

The retail center, which spans 56,921 square feet, is leased to 13 tenants, five of which have been with the center for more than a decade. The property is located at 10930 Crabapple Road.

“The Roswell/Alpharetta submarket has maintained a sub-8% retail vacancy rate since 2014, demonstrating its resilience throughout the pandemic and the subsequent period of higher interest rates,” said Brian Good, CEO of iBorrow. “The submarket was easily able to absorb the addition of hundreds of thousands of square feet of new retail product, and achieve rent growth of 5.7% year over year, reflecting robust and steady demand for leasing retail inventory.”

Within a one-mile radius of the center are 3,238 households with a median household income that is twice the national average. “All of this culminates in a strong opportunity for the sponsor to grow value within a high-performing asset and a loan that meets our underwriting criteria,” Good said.”

Good noted the sponsor was under a short deadline to close on the acquisition, and needed flexible financing that would allow limited prepayment penalties to facilitate borrower’s desire to eventually transition to permanent financing.