As published by Seattle Daily Journal of Commerce and Rentv, iBorrow has provided a $4 million bridge loan to the Granary Building, a 56,529 square foot historic waterfront office building in Bellingham, Washington. Located at 1208 Central Ave, the building includes a 13,000 square foot basement and a 2,800 square foot roof deck, and is part of a 230-acre business park re-development that includes a planned 1.1 million square feet of office space, 2.2 million square feet of industrial space, 450 apartments, a 146-room hotel, 65,000 square feet of retail locations, and a gym and leisure center.
iBorrow CEO Brian Good said, “The Granary Building is a one-of-a-kind property with historic value. The borrower is a successful developer with a wealth of experience developing business parks, which made this a very attractive loan for us. We believe the building once completed is well-positioned to lease up quickly and will kick-start the entire development.”
Bellingham is a coastal city in Washington State near the Canadian border; it is currently undergoing a large-scale waterfront redevelopment, which is fully backed by both the Port of Seattle and the City of Bellingham. The borrower, Harcourt Developments, is a development company whose prior experience developing large business parks includes the noted Titanic Quarter in Belfast, Northern Ireland. The company will use the loan to recoup equity from pre-paid construction costs, as well as to finish the interior build-out of the Granary Building, a project that will be completed in a year.