DENVER — iBorrow, a nationwide private direct lender for commercial real estate, has provided a $6.4 million loan for a one-story, 16,646-square-foot industrial warehouse and parking lot located at 3950 Wynkoop Street, with plans to build a two-story structure above the current parking lot and a second story above the current warehouse. Once renovations are complete, iBorrow estimates the planned lease up will occur quickly.
“Our collateralized loan has been set up to aid the Borrower in construction and further the renovations on the property,” said iBorrow CEO, Brian Good. “A key factor contributing to the current value and importance of the property is the significant development and re-development activity in the immediate area. We like all of the fundamentals of the river north area, it continues to grow at a steady clip with an increased demand in flexible office space.”
Currently, numerous re-development projects in close proximity to the property include a 4,000 person concert venue, a large mixed-use project that includes a 159 room hotel, retail space, an office component anchored by HomeAdvisor, as well as a re-purposed, industrial building with retail/restaurant use that is fully operational.