Thorofare Capital has provided a $36,038,000 floating-rate senior loan to refinance the existing land acquisition loan and fund the remaining construction and lease-up of McCarty Park Phase 1, a Class A logistics and manufacturing industrial park located in San Marcos, Texas.

The project is a three-building, 343,728-square-foot development situated on a 106.6-acre site along McCarty Lane. The buildings range in size from approximately 95,000 to 127,000 square feet and are designed with rear-load configurations, 30-foot clear heights, and dock-high and grade-level loading to accommodate logistics, distribution, and light industrial users. The property was delivered fully entitled and permitted at acquisition.

Loan proceeds are being used to refinance existing debt, fund reserves for remaining hard and soft costs, and support lease-up efforts through a dedicated TI/LC facility totaling $8.2 million. Construction began in September 2024 and is scheduled for completion in September 2025.

The floating-rate, interest-only loan is structured with a holdback facility for future funding and includes an initial two-year term with extension options subject to performance tests.

The Sponsor is a privately held real estate investment and development firm focused on industrial projects in Texas and the broader Southwest region. The Sponsor capitalized the project through the issuance of taxable variable rate demand bonds and brings experience across multiple asset types through a network of affiliated entities and private investment partnerships.