Grandview Partners and TRG Development have successfully secured $99.8 million in financing for a brand new industrial park located in Wilmer, TX, a suburb of Dallas. The project, known as Core45, was completed in the summer of 2024 and spans over 1.64 million square feet.
The joint venture acquired the 88.4-acre site back in December 2021 and began construction on the property just three months later in March of 2022. Thanks to their efforts, TRG and Grandview were able to secure a $63.4 million construction loan for the project.
Recently, Benefit Street Partners provided refinancing for this loan with more favorable terms through Cushman & Wakefield’s Equity Debt & Structured Finance team acting as exclusive advisors to the joint venture group led by Rob Rubano,Brian Share,Micheal Zelin ,Max Schafer,Billy Coyle,and Nikola Kretschmann .
Core45 boasts two industrial buildings totaling at an impressive combined size of over one-and-a-half-million square feet (616449 sq ft +1027630 sq ft). With ample auto parking spaces (900 stalls), each building can be easily reconfigured according to tenant needs ranging from spaces larger than or equaling up-to-300000sqft . Currently,the property is already pre-leased by Owens Corning at an occupancy rate of eighteen percent(18%).
This successful refinance marks yet another milestone achievement for DFW Warehouse Developers who continue their pursuit towards excellence within this industry.
