iBorrow, a nationwide private direct lender for commercial real estate, closed on a $12.7 million loan to finance the sale-leaseback of a 208,968-square-foot warehousing and distribution facility in Toledo, Ohio.
The facility was previously owned by a subsidiary of Stellantis, the multinational manufacturer of leading automotive brands including Jeep, Chrysler and Dodge. iBorrow customized the financing package to accommodate potential re-leasing activities, including a future funding component for light capex and other costs and incorporated the ability for the borrower to refinance with long-term debt in the future.
The industrial facility supports warehousing and logistics operations for a 3 million square foot Stellantis manufacturing facility, which is also located in Toledo. It features 34-foot clear heights, 102 truck doors, and roughly 292 parking spaces. The single-tenant facility is 100 percent leased and located in a strong industrial submarket with a 4.1 percent vacancy rate and positive net absorption.