Falcon/Diamond Realty Secure Financing for FW Industrial Building
Falcon Commercial Development has secured joint venture equity from Diamond Realty Investments for the development of Oak Creek Distribution Center, a 238,289-square-foot industrial project in Fort Worth, Texas. Newmark arranged the financing on behalf of the owner and developer. Commercial Edge reports First United Bank and Trust originated a $16.5 million construction loan for the project. The Class A industrial development is expected to break ground this month, with completion scheduled for early 2024.
Oak Creek Distribution Center will rise at 4851 E. Loop 820 and will include 32-foot clear heights, 63 dock high doors, 130-foot truck courts, two ramps, 200 vehicle parking spots and a rear-load configuration. The building is designed to accommodate both single and multi-tenant users. The approximately 18-acre site is close to Interstate 820 and U.S. Highway 287.
A Newmark’s Capital Markets team led by Stephen Bailey worked on behalf of the owner.
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Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.