iBorrow, a nationwide private direct lender for commercial real estate, has announced the closing of a $15.1 million loan secured by a 499,759-square-foot light industrial manufacturing property in Milwaukee, Wisconsin. The borrower specializes in industrial property with a strong track record of stabilizing and operating assets across the U.S.
“We are witnessing a national shift in lender behavior,” says Brian Good, CEO of iBorrow. “The banking industry has endured multiple shocks causing significant disruption. As traditional lenders reduce their volume of lending, private lenders like iBorrow are more relevant and well-positioned to fill the funding gap and successfully help owners meet their business goals.”
In this case, iBorrow provided the original loan in the property in January 2021, and was able to refinance in time to allow the owner to sell a portion of the property.
“Our approach is long-term, which allows us to serve repeat borrowers at different stages of their investment cycle,” notes Good. “This sponsor was successful in stabilizing the asset, then recognized the opportunity to drive further value through the sale of a separate three-building vacant office parcel on the site. iBorrow was able to act rapidly to provide the funding needed to facilitate this valuable disposition.”
The 27.24-acre industrial property is comprised of five industrial buildings occupied by eight tenants. Built in 1950 and renovated in 2020, the facility features nine dock high doors, 25 grade doors, and seven rail doors, with four access streets and Highway 32 nearby.
“The Milwaukee/Madison industrial market has maintained significant positive absorption of 13.2% over the past decade, while demonstrating very strong rent growth of 11.4% in 2022 alone,” says Good. “These fundamentals make this property an attractive investment, and one that will likely perform as a strong asset for the operator over the long term.”
