iBorrow Provides $47M Refi for Nationwide Industrial Portfolio


Some CRE firms are in the giving mood this season: A private lender has provided a refinancing loan for a six-property industrial portfolio spread across the U.S.

Los Angeles-based iBorrow announced that it had finalized the $46.6 million loan for the 2.2 million-square-foot portfolio owned by Alto Real Estate Funds, a deal it made in conjunction with Walker & Dunlop. The unnamed six properties in New York, California, South Carolina and Alabama are collectively 91.2 percent leased with an average lease term of 5.2 years. 

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“Conditions in the commercial real estate market have changed dramatically in the past 18 months, as a result of which private direct lending is an increasingly important option for borrowers facing loan maturities,” iBorrow CEO Brian Good said in a statement.

Alto has more than $1.5 billion in commercial real estate assets, the lender said

“The borrower … needed a relatively quick and flexible funding solution,” Good said. “One unique aspect of this transaction is a structure that includes release provisions, enabling the sponsor to comfortably exit each property, while supporting a successful full-cycle execution of the portfolio business plan. This environment, while challenging, gives borrowers and investors the opportunity to be selective.”

In other industrial refinancing news, Standard Insurance Company late last month issued a $20 million loan to the owners of a 7-acre outdoor storage facility in El Monte, Calif., which is leased by Amazon. In October, Dedeaux Properties announced that it had secured a $190 million refinancing of three warehouses spanning 1.3 million square feet in Southern California’s Inland Empire. Dedeaux purchased a distribution facility in City of Commerce, Calif. for the same price earlier that month.

Nick Trombola can be reached at NTrombola@commercialobserver.com.