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IBorrow Grants $15.6M Loan For Refinancing Of Cold Storage Facility In Taylor, Michigan

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FINANCED
$15,600,000

Michigan

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Industrial238,575 SF
Financed 07/20/2023
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Property Image
FINANCED

IBorrow Grants $15.6M Loan For Refinancing Of Cold Storage Facility In Taylor, Michigan

Industrial238,575 SF
Financed 07/20/2023
the dealplayerscompscontact
Contact now

Summary

Asset Type:Industrial
Price Per Square Foot:$65
Total Square Footage:238,575 SF
Transaction Type:Loan

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

Brian Good
iBorrow
Brian Good
8 deals$172M volume
LENDER
iBorrow
iBorrow
LENDER

Details

FINANCED
IMAGE: Brian Good DATE: 07/20/2023 ADDRESS: 21740 Trolley Industrial Drive MARKET: Taylor, Michigan ASSET TYPE: Industrial ~ SF: 238,575 LENDER: iBorrow - Brian Good LOAN AMOUNT: $15,600,000 LOAN TYPE: Refinance NOTE: iBorrow has granted a $15.6 million loan to a national industrial real estate firm for the refinancing of a fully occupied cold storage facility in Taylor, near Detroit. The facility, spanning 238,575 square feet, will undergo further improvements and benefits from its proximity to rail service, the airport, and major highway.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$15,600,000.00

Monthly NOI$104,000.00
Monthly Debt Service$98,602.61
Change in Cash Flow$0.00
Refinance Proceeds$0.00