LOS ANGELES – iBorrow, a private direct lender for commercial real estate, has provided a $5.7 million loan for the purchase of a 559,868-square-foot high-end manufacturing facility that was formerly the Polartec plant. The property, which is housed on 14.49 acres of land, is located at 46 Stafford Street in Lawrence, Massachusetts.
As textile manufacturing has largely moved overseas, the borrower is re-imagining the use of the space and undertaking an aggressive marketing campaign with a nationwide leasing firm targeting tenants in the areas of storage and moving, data storage, office space and light industrial work.
“The challenge in putting this loan together is that the building is currently vacant and the pool of manufacturing tenants is limited,” said iBorrow CEO Brian Good. “However, the shortage of light industrial/storage space in the surrounding area and the borrower’s experience in design, land development and real estate sales make this an interesting opportunity. As late-stage negotiations with potential tenants are already in progress, we are confident that the borrower will execute on its business plan, which will dramatically increase the property’s value. We were able to create a flexible loan structure to meet the borrower’s timely needs.”