Thorofare Capital has provided a $33,000,000 floating-rate senior loan for the refinance and lease up of Meadows I & II, a two-property newly built industrial property located in Mesquite, TX.

Meadows I & II consists of two (2) neighboring industrial buildings, completed in 2023, totaling 355,319 SF situated on 25.40 acres of industrial land. Proceeds from the subject bridge loan were used to refinance the existing separate non-crossed construction loans, and subsequently fund leasing costs to bring the portfolio to stabilize occupancy.

The interest-only, structured whole loan carries an initial term of two years, in addition to two extension options. Thorofare worked collaboratively with a third party preferred equity investor who closed a recapitalization of the portfolio’s equity simultaneous with the loan refinancing.

Meadows I & II is well located within the East Dallas / Mesquite industrial submarket. The Property’s location benefits from very strong access to major regional highways (I-80, I-30, I-20, and I-635). Further, the Subject provides possible tenants access to a deep and relatively inexpensive, non-union labor pool in Mesquite. At the time of close the portfolio was 82% leased to two tenants and an impending lease with to bring the property to 100% occupancy.

The sponsor is a vertically integrated real estate investment firm that specializes in the investment, development, and management of properties across multifamily and industrial assets throughout US “Sunbelt” markets.