National scope. Local knowledge.
Deep Ellum Office
$7,300,000 Acquisition, TI/LC & CapEx Financing
Dallas, TX | November 2019
Thorofare Capital has funded a $7,300,000 short-term bridge loan for the acquisition, repositioning and lease-up of Deep Ellum Office. The property consists of a brick and timber office and flex/warehouse building in the Deep Ellum sub-market of Dallas, Texas.
The property was sold in a short-term sale leaseback transaction with a subsidiary of a publicly traded retail company. Once the seller (owner-user) vacates, the sponsor plans to complete renovations and re-let the building to creative office tenants.
The immediate Deep Ellum and Exposition Park neighborhoods have benefited from a significant influx of institutional capital focused on developing and re-developing office, multifamily, hotel and retail projects, such as The Epic, which results in a burgeoning “live-work-play” destination for Dallas’ growing population.
The sponsor is a Dallas-based family office that is focused on opportunistic real estate acquisitions and development.