LOS ANGELES — iBorrow, a nationwide private direct lender for commercial real estate, has provided a $10.25 million loan for a single-story, 244,590-square-foot industrial building that includes 16,108-square-feet of office space in Arlington, Washington. The property is currently 84% leased.
The borrower group, headed by long-time industrial real estate investors, will use the proceeds to fund the value add component of the property. The property has been the beneficiary of the tight leasing market and continued growth in the area.
“The borrower is positioning the property to meet the strong demand in the local market for high quality industrial property. Properties, like this one in the greater Seattle area, are often used to house high-tech aerospace manufacturers, light manufacturers, boat makers and distributors,” said iBorrow CEO, Brian Good. “Our loan will enable the borrower to pay off the existing mortgage and make significant improvements to accommodate tenants that require specialized industrial spaces in the growing aerospace and technology industries. We are bullish on these types of properties throughout the country.”