iBorrow, a direct lender of private money loans for commercial real estate, has provided a $3.9 million loan to refinance a 40,980-square-foot office building located at 1750-1760 Mesa Drive in Mesa, Ariz.
Built in 1987, the property is a two-story, single-tenant administrative office building which is fully occupied by Fresenius Management Services, a global healthcare company that has been leasing office space in the building since 1999.
The building is in a prime area near the Phoenix metro area, which is home to more than 4 million people. For decades, the region has been one of the most rapidly growing areas in the country in terms of population and employment.
“This loan was attractive to us for several reasons, one of them being Mesa’s submarket for office space, which is currently below the national market average,” said iBorrow CEO Brian Good. “Additionally, the tenant has been in the building for more than 16 years. Our unique loan structure allows us protection in the event that Fresenius does decide to vacate, we are still protected. Most, if not all, of the banks could not be as creative as we were. We were impressed by the experience of the borrower in managing and leasing the property.”
The borrower has significant experience in the commercial real estate market as both a commercial real estate broker and a principal in numerous real estate transactions.