IBorrow Grants $15.6M Loan For Refinancing Of Cold Storage Facility In Taylor, Michigan
$15,600,000
$65/SF
Building Size
238,575 SF
Asset Type
Industrial
Closing
Jul 20, 2023
AI
A national industrial real estate firm has secured a $15.6 million loan from iBorrow for the refinancing of a fully occupied cold storage facility in Taylor, Michigan. The property, located at 21740 Trolley Industrial Drive, spans 238,575 square feet and is situated in a strategic location near rail service, the airport, and major highways.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $15,600,000
- Lender: iBorrow - Brian Good
- Loan Type: Refinance
The loan provided by iBorrow will enable the national industrial real estate firm to continue operating and improving the fully occupied cold storage facility in Taylor. This facility benefits from its proximity to various transportation networks, including rail service, the airport, and major highways, allowing for efficient distribution and logistics operations.
Players
Market Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.02%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93