Guidance and recommendations with LBO structure

Hello all - trying to structure a deal, and could use some assistance thinking through financing and structure options. First time I've done a deal that came w/ real estate attached to an operating business. Not sure how to properly think through options...Here are the key points:

OpCo:
- manufacturing company
- Revenue: 50 M
- EBITDA: 1.5 M
- $5 M inventory
- $5 M A/R
- 3 owners (33% each) - 2 want to exit; 1 wants to roll 100% of proceeds

Real Estate
- 3 buildings in North American (500k sq. ft. industrial)
- estimated value 3 M for real estate on stand alone basis

Seller Valuation: 12 M

Current thinking is that if seller rolls ~$3M (post taxes), and we contribute additional $1 M for total $4M equity, then raise 8M debt. We will have a detailed plan to present to lenders where we believe we can get company to $4M EBITDA within 24 months, maybe 36 if we are slow to execute. Business has been under-managed.

Would appreciate any thoughts on how to structure. I feel like there is a way to use real estate as asset and either borrow less or put less equity in.

thoughts please.....