Thorofare, Peak Rock Team Up on $40M Financing for East Texas Industrial Properties
By Nick Trombola March 21, 2024 3:57 pm
reprints
The plains of East Texas are rife with the sounds of diggers and cement trucks these days.
Florida-based developer Landmark Companies has secured a $39.5 million bridge loan for two newly built industrial properties near Dallas, Commercial Observer can first report.
The two properties, at 2401 and 2601 East Meadows Boulevard in Mesquite, Texas, on the eastern outskirts of Dallas, are already fully leased to Lowe’s, electric vehicle battery manufacturer Hexagon and a third, unnamed tenant, described by Landmark as an auto manufacturer.
Thorofare Capital provided the senior mortgage in the deal, while Peak Rock Capital provided mezzanine financing, which together replace two previous construction loans from Hall Structured Finance and Hillcrest Bank.
Jay Miller, Spencer Miller and AJ Felberbaum of BayBridge Real Estate Capital negotiated the financing.
“We find the industrial market to be exceptional in the Dallas/Fort Worth area, especially for light manufacturing and distribution, and we’re very grateful to Thorofare and Peak Rock for their help in getting this deal across the line,” said Landmark CEO Julia Baytler.
Thorofare and Peak Rock could not immediately be reached, and BayBridge declined to comment.
At a combined 355,000 square feet, the two properties will reportedly serve as hubs for manufacturing, warehousing and distribution. Indeed, the pair are just a few hundred feet from both U.S. Route 80 and Interstate 30.
Central/East Texas is one of the top emerging industrial markets in the U.S., with nearly $110 million in transaction activity reported last year, according to CommercialSearch. The availability of vast land parcels, proximity to Dallas, Houston and Austin, as well as its robust transportation infrastructure make the region a compelling choice for development.
Landmark’s new loan isn’t the first it’s landed for a property in the region, either. In October, the women-led company obtained $41.5 million in bridge financing for a luxury apartment complex just south of Fort Worth. Baybridge’s Jay Miller, Spencer Miller and AJ Felberbaum arranged that deal, as well.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
