iBorrow has provided a $15.6 million loan to support the acquisition of a retail center located at 10930 Crabapple Road in Roswell, an Atlanta suburb. CEO Brian Good of iBorrow commented that the Roswell/Alpharetta submarket has maintained a low vacancy rate since 2014 and was able to absorb hundreds of thousands square feet of new retail product while achieving rent growth year-over-year. The 56,921 square foot property is leased by 13 tenants with five having been there for more than 10 years.
The challenge faced by all parties involved was time as the sponsor had to close on deadline and needed flexible financing that would eventually transition into permanent financing for the borrower’s desired outcome.
