LOS ANGELES— iBorrow, a nationwide private direct lender for commercial real estate, has provided an $11.6 million loan on a 228,136 square foot warehouse in Salt Lake City, Utah. The property is strategically located near two major transportation arterials in Salt Lake City.
The Borrower will use proceeds of this loan to pay off an existing loan on the property. The warehouse serves as the headquarters and production center for Martin Door Manufacturing (“Martin Doors”), a leading high-end garage-door manufacturer, known for its high quality production standards.
Brian Good, iBorrow CEO, said, “The property is very well located in the Salt Lake City industrial market and has a lease in place which will produce strong cash flow for the next 15 years. Our loan will allow the borrower to pay off their existing loan and focus on growing Martin Doors. We are excited to support this effort and believe we will be seeing value growth in both this property and Martin Doors. We continue to believe in the strong fundamentals of the industrial real estate sector both in Salt Lake City, and similar corridors around the country.”