Los Angeles, CA— iBorrow has provided a $2 million loan to refinance a multi-tenant office/warehouse facility located in Garland, Texas just outside of Dallas. The property is comprised of four buildings, each containing twelve 2,000 square-foot-units.
The property is approximately 95% leased, with 70% of the leases exceeding the terms beyond the maturity of the loan. The borrower, Parkway Kirby, Ltd., plans to spend $200,000 to upgrade the property, sign additional tenants to long-term leases and then transition the property for sale.
“This property was a beneficial investment because of the low loan-to-value rate,” said iBorrow CEO Brian Good. “The experienced borrower coupled with their proven track record and low tenant turnover allows us to believe this is a valuable venture.”
Parkway Kirby, Ltd. is a limited partnership controlled by principals at Urban Southwest Capital, an owner, investor and property manager that specializes in value-add multifamily properties. The principals have extensive experience in the redevelopment of multi-tenant industrial properties throughout the Dallas-Fort Worth metro area.