Home Real Estate iBorrow Provides $12.7M for Sale-Leaseback of Ohio Industrial Facility
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iBorrow Provides $12.7M for Sale-Leaseback of Ohio Industrial Facility

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.

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