DFW Warehouse Developers Land $99.8M Refi

Grandview Partners and TRG Development procured $99.8 million of financing for a newly constructed industrial park totaling 1.64 million square feet in Wilmer, TX, a suburb of Dallas. Known as Core45, the project delivered in Summer 2024. Current ownership acquired the 88.4-acre site in December 2021 and commenced construction on the property in March 2022. TRG and Grandview secured a $63.4 construction loan for the project back in 2022.

The refinancing loan provided by Benefit Street Partners was used to take-out the construction loan at more favorable terms. A Cushman & Wakefield Equity, Debt and Structured Finance team served as the exclusive advisor to the joint venture. It was led by Rob Rubano, Brian Share, Michael Zelin, Max Schafer, Billy Coyle, and Nikola Kretschmann.

Core45’s two industrial buildings of 616,449 square feet and 1,027,630 square feet have ample auto and trailer parking (900 auto stalls). Each building can be reconfigured for tenants seeking spaces of 300,000 square feet or more. The property is 18% pre-leased to Owens Corning.